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Information about Form 1099-S

Updated: 12/06/2007
Article ID: 3490

Select a link below to go directly to a topic or read through the document to learn about Form 1099-S.

What is Form 1099-S?

Form 1099-S is used to report sales or exchanges of real estate, including 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.

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How do I Enter Form 1099-S?

For TurboTax Basic, Deluxe, or Premier:

  1. Select the Federal Taxes tab, then select Income.
  2. In the Your Income screen, select the Select Specific Topics button.
  3. In the Your Income screen, do one of the following:
    • If you sold your main home, select Other Common Income, then select the Start or Revisit button for  Property Profits
    • If you sold a second home or land, select Investment Income, then select the Start or Revisit button for Stocks, Employer Stocks, Other
    • If you sold a rental property, select Rentals and Royalties, then select the Start or Revisit button for Rentals and Royalties
  4. Follow the on-screen instructions.

For TurboTax Home & Business:

  1. Select the Personal tab, then select Personal Income.
  2. In the Your Personal Income screen, select the Select Specific Topics button.
  3. In the Your Personal Income screen, do one of the following:
    • If you sold your main home, select Other Common Income, then select the Start or Revisit button for  Property Profits (Income from Selling a Home)
    • If you sold a second home or land, select Investment Income, then select the Start or Revisit button for Stocks, Employer Stocks, Other
  4. Follow the on-screen instructions.
If you sold rental property
  1. Select the Business tab, then select Business Income & Expenses.
  2. In the Your Business Income screen, select the Select Specific Topics button.
  3. In the Your Business Income screen, select Rentals and Royalties, then select the Start or Revisit button for Rentals and Royalties.
  4. Follow the on-screen instructions.

 

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