Article: 50135

Form 1099-S is used to report the sale or exchange of real estate. This can apply to a variety of property types, each of which is treated differently by the IRS—and therefore must be reported differently within our platform.

Although the sale is reported to you using Form 1099-S, you must report it to the IRS using one of several methods depending on the type and purpose of the property sold.

Sale of a Primary Residence

The most common use of a 1099-S is to report the sale of your primary home. In this case:

Your realtor will typically issue a 1099-S to both you and the IRS.

On our platform, this sale is reported using the form titled: First-Time Homebuyer Credit Repayment and Sale of Primary Home.

1. Go to Federal Taxes > Review.
2. Click I’d like to see the forms I’ve filled out or search for a form.
3. In the search box, type Home.
4. Select First-Time Homebuyer Credit Repayment and Sale of Primary Home.
5. Enter your basis and sale information.
6. Click Save at the bottom of the page once complete.

Sale of Personal Assets (e.g., Undeveloped Land)

If you’re reporting the sale of undeveloped property that was not used in a business, the transaction is reported on Form 8949.

1. Go to Federal Taxes > Review.
2. Click I’d like to see the forms I’ve filled out or search for a form.
3. In the search box, enter sale of asset.
4. From the list, select 1099-B/8949 – Stock Transactions and Sale of Assets.
5. Once you have entered all applicable information, click Save at the bottom of the page.

Note: For IRS guidance, see About Form 8949.

Sale of Rental or Business Property

For the sale of rental properties or other business-use assets, the 1099-S is typically prepared and filed by the closing agent (such as a realtor), and a copy is provided to the seller.

As the seller, you must report this as a capital gain on Form 4797 – Gains/Losses from Sales of Assets.

1. Go to Federal Taxes > Review.
2. Click I’d like to see the forms I’ve filled out or search for a form.
3. In the search box, enter 4797. Click Add
4. Once you have entered all applicable information, click Save at the bottom of the page.

Additional Resources

For more information on Form 1099-S and related reporting requirements, consult the following IRS publications:

• Instructions for Form 1099-S
• Instructions for Form 4797
• Instructions for Form 8949
• Publication 544 – Sales and Other Dispositions of Assets
• Topic No. 701 – Sale of Your Home