Where to Report 1099-S for Sale of Land?

Forum|Forum|5 years ago
February 25, 2021
4 replies
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I'm looking for help on where to Report a 1099-S for the sale of Land? (Per the prompt, I upgraded from Turbotax "Deluxe" to "Premium" just to make this report. But the instructions and information are all the same; unclear and buggy.)

I entered the sale under "investment income" then "stocks, mutual funds, bonds, other" and filled out the info. However, after answering "no" to "do you have a 1099-B" it never gives any other options!!

I think I've now included the sales information, but I still do not know where to record the 1099-S I received. Help!

Best answer by fanfare

There is no panel for 1099-S.

Enter the sale exactly as you would if you did not receive a 1099-S.

Mike9241

1099-B wks (worksheet). if you entered it correctly you'll have a Schedule D in your return reflecting the net gain/loss

fanfareAnswer

Employee

There is no panel for 1099-S.

Enter the sale exactly as you would if you did not receive a 1099-S.

kdw2020Author

Fanfare, thank you. (See my post back to Mike9241.)

Agreed, there appears to be a missing "panel" or dialog box window in Turbotax, and it cost me more money with them to have NOTHING changed from Deluxe to Premier.......

Thanks for confirming; I really appreciate your help!

Regards,

ronkennedy42

Info on 1099-B, no help for 1099-S, please direct to 1099-S reporting on Premier.

DianeW777

Land is considered investment property if it is not part of a home sale. Land sales are reported by using the following instruction.

Federal Taxes tab, then Wages & Income, then scroll down to Investment Income and select Stocks, Mutual Funds, Bonds, Other.
Respond "yes" to Did you sell any investments? You'll then be asked Did you get a 1099-B or brokerage statement? answer "no."
Enter one sale at a time
Enter Land Sale Information Be aware of the tiny box that says "Reported sales price did not deduct all fees of selling expenses," as it must be checked if applicable to you.
Continue to follow the prompts to complete your sale
See the image below for assistance.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

kdw2020Author

Hello! Yes, that's exactly what I did! Thank you for your thorough answer!!

Regards,

gracedupree42

I sold a piece of land that I acquired as a gift in 1988. I do not have a 1099 form. All I have is a form from the real estate agency that was supposed to be sent to the North Carolina Dept of Revenue. I have the information on the original sale price in 1988 and the spreadsheet from the real estate agency on the fees that were taken out of the price charged in 2020. How do I handle this?