Dot took property and paid for damages then sent 1099-s do i PAY TAXES?

Forum|Forum|7 years ago
June 6, 2019
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TurboTax Deluxe Windows

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Since you got the 1099-S , it must be reported on your tax return, but it is probably not taxable.

Report the 1099-S amount as sale proceeds, then show the same amount as your basis, for a net gain of $0. On your own records, reduce your cost basis by that amount for future sale.

TurboTax does not have an entry point for a 1099-S (other than home sale). So, in TurboTax, enter at:

Federal tab

Wages & Income

Scroll down to: Investment Income

Stocks, mutual funds, Bonds, Other (Real estate is other)"

Anonymous

Answer

Since you got the 1099-S , it must be reported on your tax return, but it is probably not taxable.

Report the 1099-S amount as sale proceeds, then show the same amount as your basis, for a net gain of $0. On your own records, reduce your cost basis by that amount for future sale.

TurboTax does not have an entry point for a 1099-S (other than home sale). So, in TurboTax, enter at: