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I sold a piece of land, a vacant lot, and received form 1099-S. All that is being asked in Turbo Tax for income is did I sell a house. Where do I enter this sale of land?

Forum|Forum|7 years ago
June 4, 2019
3 replies
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I am going through the step by step process and never came to a question about the sale of land, or anything else about receiving form 1099-S, except sale of home. This was not a house, just a piece of land. Where/how do I enter it into Turbo Tax.

TurboTax Deluxe Windows

Best answer by DoninGA

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

On the next screen, click Yes

On the next screen, click No

On the next screen, choose Land and continue with the section until it completes.

DoninGAAnswer

Employee

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

On the next screen, click Yes

On the next screen, click No

On the next screen, choose Land and continue with the section until it completes.

M

moharun

The questions asks about 1099-s

C

Cynthiad66

Form 1099S is entered using the following instructions

This should be posted in the investment section:

Start with INCOME
I'll choose what I work on
Scroll down to Investment Income
Select Stocks, Mutual Funds, Bonds, Other
Add sales
No you did not get a 1099-B
Choose the type of Investment you sold (Everything Else)
Enter Description, Sale price and Date Sold
You probably originally purchased the property
The Cost Basis may be calculated as a % of the total property, also enter date of purchase.

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M

moharun

Thanks!!!!

I did just as suggested. Cheers

M

michaelwolf72

I have a similar issue. I upgraded to Premier because that was recommend to deal with the sale of a vacant lot (1099-S) and post upgrade the interface did not change. Clicking on the help center does not answer anything. Following the instructions provided as an answer to this thread, does not help. This issue is a common example of the limited and ineffectual help provided by the "Help Center" within Turbo Tax.

M

moharun

Form 1099S is entered using the following instructions

This should be posted in the investment section:

Start with INCOME
I'll choose what I work on
Scroll down to Investment Income
Select Stocks, Mutual Funds, Bonds, Other
Add sales
No you did not get a 1099-B
Choose the type of Investment you sold (Everything Else)
Enter Description, Sale price and Date Sold
You probably originally purchased the property
The Cost Basis may be calculated as a % of the total property, also enter date of purchase.