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Form 1099-S, Proceeds from Real Estate Transactions

 Form 1099-S is used to report sales or exchanges of real estate. Although most people only get a Form 1099-S when they sell their home, you may also get the form when you sell any of the following.

  • Improved or unimproved land, including air space.
  • Inherently permanent structures, including any residential, commercial or industrial building.
  • A condominium unit and its appurtenant fixtures and common elements, including land.
  • Stock in a cooperative housing corporation.

Mobile homes that are not permanently fixed to a foundation are not included in the reporting requirements for Form 1099-S. You should receive this form by February 1, of the current year.

Form 1099-S and TurboTax (Sale of Home)

Don't worry! When you use TurboTax to prepare your taxes, we’ll ask you questions about the sale of your home, figure out how what needs to be reported, and fill in all the right forms for you.

 If you've already gone through the step-by-step interview and want to jump directly to the entry screen for this topic, follow these directions.

  1. Select the Federal Taxes tab (the Personal tab in the Home & Business edition).
  2. Select the Wages & Income subtab, select Explore on My Own.
  3. Scroll down the Wages & Income screen until you see the Less Common Income group.
  4. Click on the Start/Update button to the right of the Sale of Home (gain or loss) category.  
  5. Follow the prompts.
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