Business Income without 1099B

[Jean51]

Years ago my husband and a few others formed a corporation and bought some land as investment.  Little was done with it other than renting out a house on it.  Recently the land was sold and the individual handling final affairs of the corporation has not sent out a 1099B on the sale proceeds to members.  I want to know where and how to record in turbo tax our share of the sales money received.  We personally have expenses to off-set some of the income received because for several years corporation income was less than what was needed to repair house and pay other necessary expenses.

[DianeC958 · Accepted solution]

You can report it in the section of Turbo Tax

• Federal Section
• Wages & Income
• Investment Income
• Stocks, Mutual Funds, Bonds, Other

As you go through the screens it will ask you if you received a 1099-B and you say No and then pick the option Everything Else.

The fill in the information for the description, Net Proceeds and Date of Sale.  The program will ask you your cost basis in investment here you can add all of the money you put into the property over the years plus the amount it originally cost you.