1099-S sale of land

Forum|Forum|3 years ago
February 10, 2023
2 replies
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Turbotax is saying to put this into the investments section, which sure, makes sense, however, there is no way to enter a 1099-S into the investments section, only 1099-B, or no 1099. Those seem to be the only two options, even though as you enter the section it clearly says 1099-S should go there. Thoughts? Thanks.

TurboTax Home & Biz Windows

RobertB4444

The section under investment income where it says "1099-B or Broker Statements". It is counting the 1099-S as a broker statement. Go there and you'll be all good.

@danjonesmobile

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danjonesmobileAuthor

Hey, thanks for responding. I see that, but it is calling it a 1099-B, not a 1099-S. So the answer is to just call it a 1099-B in the system, then.

GeorgeM777

To follow-up on the comments from @RobertB4444, yes report the sale of the land in the investment section of TurboTax even though that section deals with 1099-Bs and not form 1099-S. If the land you purchased and sold was an investment, then you need to report it the same way you would any other investment such as stocks, bonds, mutual funds, etc.

Reporting the sale of the land, with the correct cost basis, and sale proceeds (deduct from the sale proceeds any commissions, closing costs, etc.)

on Form 8949, Sales and Other Dispositions of Capital Assets, is the correct approach.

@danjonesmobile

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