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Where do you record Proceeds from Real Estate Transaction?
Best Answer Click here
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Possibilities:
Form 8949 --- then to Sch D
Form 4797
NMI
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Depends on whether it's the taxpayer's main home or a business property.
If it's the main home, then 8979 with F checked
If it's a business property (rental, investment, etc.), then 4797.
If you're asking where to enter it in ProSeries, click that awesome green "Where do I enter" button and type "1099-S." It should take you straight there.
Happy filing 🙂
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Thank you, Your instructions where spot on. I was able to complete the return and will use that lovely green button "where to enter" 🙂
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What happens if it's personal use property, but not the sale of the main home? I have a client who received a 1099-S for selling a condo that was used rent free by their children for 9 years and then the condo was sold. Where do I enter a 1099-S in this scenario?
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8949 to Schedule D. A gain is taxable. A loss is not allowed.
The more I know the more I don’t know.
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Thanks. I had it structured like that, but ProSeries references the Home Sale Worksheet to the 8949 as "Main Home Sale: xxxxxxxxxxx". The Main Home Sale prefix was throwing me.
