Inherited Property

Forum|Forum|3 years ago
March 13, 2023
1 reply
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I sold a piece of inherited land with no house on it. I received a substitute form 1099-S. I keyed this into the investment part of Turbo Tax and it comes out on the Schedule D and Schedule 8995. I got a form 1099-S from the buyer. I have a couple of questions:

1. Did I key this in the correct area (since this is not my main home - the property is vacant)?

2. What to I do with the 1099-S?

Thanks in advance for helping me out.

Cheryl

Not A Product Question

JulieS

Yes, the sale of vacant land belongs on Schedule D.

Are you sure the Form 8995 is related to the sale of this land? Form 8995 is a qualified business income deduction and it is triggered by a business activity or certain dividends.

You keep your 1099-S with your tax records, just like you keep a copy of your W-2 forms.

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Graywolf4NAuthor

Sorry about the 8995. I didn't mean to include that. I used the cost basis from last year's real estate taxes because this has been land has been handed down for a long time. Is that ok?