1099-s

Forum|Forum|2 years ago
February 24, 2024
1 reply
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The county purchased a small portion of my property from my primary residence for road expansion project and issued me a 1099-s. Im entering the info on the i guess the 1099-b section for land sales. when I get down to the bottom of the page where it says total amount paid where does this amount come from and what do I enter here?

Mike9241

what you paid for the land. one way to estimate what you paid would be an allocation based on FMV of land and property when you bought it. then the land has a basis if X and you sold Y% of it so X times Y% is what you paid. Other rational approaches are also possible,

rick471Author

ok where do I get these numbers for "X" then, off of my mortgage for my home? I had ( .87 acres ) and now I have ( .72 acres ). My mortgage says 80,600.00 . I need this spelled out for tax's for dummies. I have no clue what to do here. I usually just claim single with standard deductions every yr and done. This has really put a wrench in things to the point I'm about to go hire a tax professional. please and thank you for all help