Entering Real Estate Sale for Rental Property - Received 1099-S

Forum|Forum|1 year ago
October 7, 2024
4 replies
6 views

Taxpayer received Form 1099-S for the sale of a rental property.

Curious of how to enter in ProSeries 2023.

The immediate thought is the asset entry worksheet for that specific Sch E property, but wanted to ensure there was nowhere specific the 1099-S should be entered.

ProSeries Professional

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Just-Lisa-Now-

Intuit Community Champion

Asset entry worksheet.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

TaxGuyBill

Level 15

As Lisa said, the actual sales information can be entered on the Asset Entry Worksheet. But you are also supposed to enter the informational amount on line 1a of page one of the 4797.

J

judys3

Level 6

Asset entry worksheet. I always enter the EIN and name of abstract on the supporting statement

A

athaureaux6

Level 7

I think you have to enter the information in the Asset Worksheet. Do not forget the depreciation recapture. Also do not forget the IRS requires you report the sales of the land and the sale of the building separate. The sales of the land will go to part I Form 4797 and the sale of the building should go to Part III, If I remember correctly. Good luck.

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