UltraTax CS
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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
You can use the UltraTax CS Source Data Entry utility to enter information for this form. Otherwise, use the table below to enter form information on the appropriate input screens.
Data entry for Form 1099-S depends on whether the property sold was the taxpayer's principal residence.
Taxpayer's principal residence
| Form field | Folder > Screen | Field |
|---|---|---|
| Transferor’s identification number | Personal Sale > Home | N/A. Code the screen unit to T or S to indicate if the Transferor is the Taxpayer or the Spouse. |
| Box 1 - Date of closing | Personal Sale > Home | Date former home was sold |
| Box 2 - Gross proceeds | Personal Sale > Home | Selling price of home |
| Box 3 - Address or legal description | Personal Sale > Home | Description |
| Box 5 - Buyer’s part of real estate tax | Personal Sale > Home | Buyer’s part of real estate tax, amount |
Note: To report a nondeductible loss on Form 8949, enter X in the Report on Form 8949 if not required field.
Sale of any other property
| Form field | Folder > Screen | Field |
|---|---|---|
| Transferor’s identification number | Personal Sale > Sale | N/A. Code the screen unit to T or S to indicate if the Transferor is the Taxpayer or the Spouse. |
| Box 1 - Date of closing | Personal Sale > Sale | Date sold |
| Box 2 - Gross proceeds | Personal Sale > Sale | Gross sales price or insurance proceeds received |
| Box 3 - Address or legal description | Personal Sale > Sale | Description |
| Box 5 - Buyer’s part of real estate tax | Personal Sale > Sale | Buyer’s part of real estate tax, amount |
Notes
- The Buyer's part of real estate tax code/amount field is used to report the amount of real estate reported on Form 1099-S box 5. This box reports real estate taxes charged to the buyer at the settlement. Use the code field to properly report this amount on the return. If you use code 1 - Real estate taxes already paid; reduce real estate taxes deducted, UltraTax CS/1040 will reduce Schedule A line 6, but not below zero. If you use code 2 - Real estate taxes already deducted; report as other income, UltraTax CS/1040 will report the amount as other income on Form 1040, line 21.
- To exclude a loss entered on Screen Sale, enter X in the Sale to related party field.
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