How to report Form 1099-S

Form 1099-S; Proceeds from Real Estate Transactions

This article will give you an overview of how to report Form 1099-S within MyFreeTaxReturn.com.

Reporting Form 1099-S:

1. Enter the return, search and select Schedule D Capital Gains & Losses Page

2. Scroll down to the Schedule D Capital Gains & Losses Listing Page section and select +Add New

3. On the Schedule D Capital Gains & Losses Listing Page, scroll down to the Listing entry method and select Advanced

4. Complete the page and Save & Continue

Understanding our Schedule D entry fields

Description of Property: Generally, this will be the address of home that was sold.

Enter the information as shown on Form 1099-B: Do not enter anything in this section.

Transaction will not be reported on Form 1099-B: Not be Reported on Form 1099-B - This box must be checked, failure to will result in a error preventing the page from being Saved. Sale of a Main Home - Check this box when qualify for the $250,000 ($500,000 MFJ) exclusion.

Asset purchased in parts: Select “Not Purchased in Parts”. The holding period does not apply to Sale of Residence. 

Date Acquired: This is required if you are taking the exclusion.  

Cost or Other Basis: This is generally the purchase amount plus any qualifying adjustments.

Date Sold: Enter the date sold.

Sales Price: This will be the amount on Form 1099-S, or if no Form 1099-S this is the amount the residence sold for.

Amount not reflected for selling expenses or options: Enter here any qualified selling expenses that were not reflected on the Form 1099-S.  Selling Expenses are entered as a negative amount (ex. -500).