1099-S Form: Proceeds From Real Estate Transactions

Jeb
Jeb Member Posts: 1 Newcomer
edited December 2024 in Income

How do I report income from a 1099-S Form (Proceeds From Real Estate Transactions)?

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  • CorinaE
    CorinaE FreeTaxUSA Agent Posts: 23
    Answer ✓

    The type of transaction for which you received the 1099-S determines where it is reported on your tax return.

    If it is for the sale of your main home, you would enter your form in our software by clicking 'Income' on the menu bar and selecting 'Sale of Main Home' from the drop-down menu.

    If it is for the sale of a vacation home, investment property, or land; you would enter your form in our software by clicking 'Income' on the menu bar and selecting 'Investments and Savings' from the drop-down menu. You would enter this as an "Other Sale".

    If it is for the sale of a rental property, you would enter your rental information (click 'Income' > 'Rental Income (Schedule E)' and report the sale when you report the property in the "Depreciable Asset" section of the Schedule E. To do this you would enter a date for the box indicating "Date Sold, Disposed of, or Retired" on the "Tell us about your asset" page.

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