Asked by: Helaine Zhong
personal finance personal taxes

How do I report proceeds from real estate transactions?

Last Updated: 15th January, 2020

To report proceeds for property considered to be a personal capital asset:
  1. From within your TaxAct return (Online or Desktop) click the Federal tab.
  2. Click Investment Income to expand the category and then click Gain or loss on sale of investments.
  3. Click Capital Gain or Loss (Form 1099-B)

Click to see full answer.

Likewise, where do I report proceeds from real estate transactions?

To report proceeds for property considered to be a personal capital asset:

  • From within your TaxAct return (Online or Desktop) click the Federal tab.
  • Click Investment Income to expand the category and then click Gain or loss on sale of investments.
  • Click Capital Gain or Loss (Form 1099-B)

Likewise, how do I report a 1099 s on my tax return? If you're reporting Form 1099-S because you sold your primary residence, then you'll report the sale of the home on Form 8949 and Schedule D. If you're reporting Form 1099-S because you sold a timeshare or vacation home, then you'll also report the sale on Form 8949 and Schedule D.

Then, are proceeds from real estate transactions taxable?

When you sell your home, federal tax law requires lenders or real estate agents to file a Form 1099-S, Proceeds from Real Estate Transactions, with the IRS and send you a copy if you do not meet IRS requirements for excluding the taxable gain from the sale on your income tax return.

What are gross proceeds in real estate?

Box 2. Gross proceeds means any cash received or to be received for the real property by or on behalf of the transferor, including the stated principal amount of a note payable to or for the benefit of the transferor and including a note or mortgage paid off at settlement.

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