1099-S

[Taxbreak1809]

Where do you record Proceeds from Real Estate Transaction?

[abctax55]

Possibilities:

Form 8949 --- then to Sch D

Form 4797

NMI

[hillsboro15269 · Accepted solution]

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 🙂 

[Taxbreak1809]

Thank you,  Your instructions where spot on.  I was able to complete the return and will use that lovely green button "where to enter" 🙂

[Bill_Hodde]

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?

[sjrcpa]

8949 to Schedule D. A gain is taxable. A loss is not allowed.

[Bill_Hodde]

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.