How to report 1099 S

I got a 1099S for an exchange of one property for antoher. Anyone tell me how to go about reporting this on my taxes? Thanks.

From the instructions on 1099-S

If the real estate was not your main home, report the transaction on Form 4797, Sales of Business Property; Form 6252, Installment Sale Income; and/or Schedule D (Form 1040). If box 4 is checked and you received or will receive like-kind property, you must file Form 8824, Like-Kind Exchanges.

If you use TaxCut, TurboTax, etc. it should prompt you to enter data from the form.

So it doesn't get reported on schdg D? I've gotten two differnt answers from the IRS and my state. Go figure. They both told me to do it on Schdg D., but in either case, it doesn't coat me anything in taxes.

jim370 wrote:

So it doesn't get reported on schdg D? I've gotten two differnt answers from the IRS and my state. Go figure. They both told me to do it on Schdg D., but in either case, it doesn't coat me anything in taxes.

From my previous post...

If the real estate was not your main home, report the transaction on Form 4797, Sales of Business Property; Form 6252, Installment Sale Income; and/or Schedule D (Form 1040). If box 4 is checked and you received or will receive like-kind property, you must file Form 8824, Like-Kind Exchanges.

Where you report it may depend on the value of the property, its use, and/or final profit or loss.

Sorry, I'm not a tax accountant or a tax lawyer. If you can do it on Sched D, I'd go that route since it has to be easier.

jim370 wrote:

I got a 1099S for an exchange of one property for antoher. Anyone tell me how to go about reporting this on my taxes? Thanks.

Did you figure out how to do this? I traded in a lesser timeshare for a nicer one and need to do this, as well.

Thanks!

I spoke to H&R Block. As the property did not sell and I do not plan to sell it, they told me I do not need to do anything.

Was your property Summer Bay by any chance?

jim370 wrote:

I spoke to H&R Block. As the property did not sell and I do not plan to sell it, they told me I do not need to do anything.

Was your property Summer Bay by any chance?

No, Maui Marriott. Thanks!