Form 1099-S - Sale of Real Estate Property (2024)

Use Form 1099-S Proceeds From Real Estate Transactions to report proceeds from real estate transactions. You will report the information on a specific part of the form, depending on how you use the property: main home, timeshare/vacation home, investment property, business, or rental.

To report your real estate proceeds in the TaxAct program:

Sale of your main home:

1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal).
2. Click the Investment Income dropdown, click the Gain or loss on the sale of investments dropdown, then click Sale of your main home.
3. Continue with the interview process to enter your information.

Sale of a timeshare or vacation home:

• A timeshare or vacation home is considered a personal capital asset and the sale is reported on Schedule D Capital Gains or Losses. A gain on such a sale is reportable income. If you incurred a loss on the sale, the IRS doesn't allow you to deduct the loss.
• An inherited property may be considered investment property and the capital gain or loss would be reported on Schedule D. If you have a loss, the IRS will be looking for the sale to be reported on your return, so enter a cost equal to the sale price so that the gain/loss reported is zero (0).

1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal).
2. Click the Investment Income dropdown, click the Gain or loss on the sale of investments dropdown, then click Capital gain or loss (Form 1099-B).
3. Click + Add Form 1099-B to create a new copy of the form or click Edit to edit a form already created (desktop program: click Review instead of Edit).
4. Continue with the interview process to enter your information.

Sale of an investment property (reportable on Schedule D):

1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal).
2. Click the Investment Income dropdown, click the Gain or loss on the sale of investments dropdown, then click Capital gain or loss (Form 1099-B).
3. Click + Add Form 1099-B to create a new copy of the form or click Edit to edit a form already created (desktop program: click Review instead of Edit).
4. Continue with the interview process to enter your information.

Sale of business property (reportable on Form 4797 and Schedule D):

1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal).
2. Click the Business Income dropdown, then click Business income or loss from a sole proprietorship (or Farming income or loss, if applicable).
3. Continue with the interview process until you reach the screen titled Business (or Farm) Income - Depreciation, then click Yes.
4. On the screen titled Business (or Farm) Income - MACRS Depreciation - Assets, click Yes.
5. Click Step-by-Step Guidance, and continue with the interview process to enter your information.

Sale of business property (if the property never depreciated):

1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal).
2. Click the Business Income dropdown, then click Business income or loss from a sole proprietorship (or Farming income or loss, if applicable).
3. Continue with the interview process until you reach the screen titled Asset Sale - Assets Sold, then click Yes.
4. Click Step-by-Step Guidance, and continue with the interview process to enter your information.

Sale of rental property (reportable on Form 4797 and Schedule D):

1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal).
2. Click the Rent or Royalty Income dropdown, then click Real estate rental income.
3. Click + Add Schedule E, Pg 1 to create a new copy of the form or click Edit to edit a form already created (desktop program: click Review instead of Edit).
4. Continue with the interview process until you reach the screen titled Rental Income - Depreciation, then click Yes.
5. On the screen titled Rental Income - MACRS Depreciation - Assets, click Yes.
6. Click Step-by-Step Guidance, and continue with the interview process to enter your information.

Related Links

• Schedule D - Sale of Inherited Property

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.