Where do I enter amounts from Form 1099-S?
Reportable Real Estate
- 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 (as defined in section 216).
- Any non-contingent interest in standing timber.
Sale or exchange
- Box 2 - Shows the gross proceeds from a real estate transaction, generally the sales price. Gross proceeds include cash and notes payable to you, notes assumed by the transferee (buyer), and any notes paid off at settlement. Box 2 does not include the value of other property or services you received or will receive. See Box 4.
- Box 3 - Shows the address or legal description of the property transferred.
- Box 4 - If marked, shows that you received or will receive services or property (other than cash or notes) as part of the consideration for the property transferred. The value of any services or property (other than cash or notes) is not included in box 2.
- Box 5 - Shows certain real estate tax on a residence charged to the buyer at settlement. If you have already paid the real estate tax for the period that includes the sale date, subtract the amount in box 5 from the amount already paid to determine your deductible real estate tax. But if you have already deducted the real estate tax in a prior year, generally report this amount as income on the "Other income" line of the appropriate income tax form. For more information, see Pub. 523, Pub. 525, and Pub. 530.
To report a sale of home from Form 1099-S
To report real estate that was not the main home per the 1099-S instructions:
Follow these steps to override Lacerte's assumption:
- Go to Screen 22, Depreciation.
- Scroll down to the Sale of Asset (4797/6252) section.
- Enter a '1' or '2' in, Form 1099-S transaction: 1= no, 2= yes [O].
Buyer's part of Real Estate Tax (box 5)
See the instructions for Schedule A, line 6, on page A-5.
For Timber/Lumber Sales reported on Form 1099-S
You may wish to see the following:
- IRS Announcement 90-129
- Regulation 155669-04