A Form 1099-S is issued to the seller of real estate showing the date of the sale, address of the property sold, and the gross proceeds from this sale. Since the gain on most sales of personal residences is no longer taxable, the Form 1099-S is usually issued only when the sales proceeds exceed $250,000 (or $500,000 if for a married filing jointly return) or if the property being sold was not the seller’s main or principal residence (e.g. rental real estate).
Box 2: Shows the gross proceeds from a real estate transaction, generally the sales price.
Box 3: Shows the address or a legal description of the property transferred.
If the property that was sold was your main or principal residence see the Sale of Home topic of the program Interview.
If the property was a vacation home that you never rented out or real estate you owned for investment purposes only (e.g. idle land), see the Capital Gains and Losses topic of the interview.
If the property was a detached home office or property you rented out at some time (including vacation home) you need to record the sale in the Business Assets Sold topic of the program Interview. In some instances the sale might need to be split between Business Assets and Sale of Home.