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, follow the steps below.
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).
Sale of rental property (reportable on Form 4797 and Schedule D)
Follow the steps to enter your rental income and expenses. You are prompted to enter the date of sale when reviewing or entering depreciable assets. See Schedule E - Entering Rental Property in Program for details.