How do I report in TurboTax a 1099-S for the sale of lake lots in 2024 which I inherited in 2019. The inherited value was essentially the same as the sale price in 2024. I think I should be able to show this as a "wash" but don't know how to show that. There also were closing costs and a 10% commission expense.
TurboTax will guide you through the interview to enter your 1099-S for the sale of your land.
Refer to the article Where do I enter the sale of a second home, an inherited home, or land on my 2023 taxes? for instructions.
The sale will appear on Form 8949 and Schedule D of your federal taxes. For more information, review the TurboTax articles Guide to Schedule 😧 Capital Gains and Losses and Where is Form 8949?
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