product support for 1099-s

IRS form 1099-S Proceeds from Real Estate Transactions may report a number of different land-related sales.  The tax treatment of these transactions differ based upon the nature of the sale.  Some examples are:

• Your main home, 
• A second home, 
• A vacation home, 
• Land,
• Residential rental property, or
• Real property recorded as a business asset.

What is the nature of the property that you are reporting?  Sale of a second home, an inherited home or land are considered investment sales and the sale is reported on IRS form 1099-B.

In TurboTax Online Premier, follow these steps to report the sale:

• Click on the Search magnifying glass and enter sale of second home.
• Click on the Jump to sale of second home link.
• Click on Add investments.
• At the screen Let's import your tax info, click on Enter a different way.
• At the screen OK, let's start with one investment type, select Other and click Continue.
• At the screen Tell us more about this sale, enter the name.      Click Continue.
• At the screen Now, enter one sale….., enter the information.      Click Continue.
• At the screen Let us know if any of these situations apply to this sale, answer as appropriate.  Click Continue.

The entry will be reported:

• on Schedule D of the Federal 1040 tax return, and 
• on line 7 of the Federal 1040 tax return.