Form 1099S Question

Forum|Forum|6 years ago
March 9, 2020
57 replies
205 views

How do I report income from the Form 1099-S?

DoninGA

Level 15

What was sold so that you would have received a Form 1099-S?

Primary personal residence, Second home, Land, Rental property, commercial property, something else?

A Form 1099-S is not entered directly on a tax return.

RRRichardAuthor

Level 2

What was sold so that you would have received a Form 1099-S?
Primary personal residence, Second home, Land, Rental property, commercial property, something else?
A Form 1099-S is not entered directly on a tax return.

I received a 1099-S Form from the pipeline company for an easement to cross my property with their underground pipeline.

JohnB5677

Level 15

This should be posted in the investment section:

Start with INCOME
I'll choose what I work on
Scroll down to Investment Income
Select Stocks, Mutual Funds, Bonds, Other
Add sales
No you did not get a 1099-B
Choose the type of Investment you sold (Everything Else)
Enter Description, Sale price and Date Sold
You probably originally purchased the property
The Cost Basis may be calculated as a % of the total property, also enter date of purchase.

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Steveford

Level 2

received 1099-s for timber sales. Where do I report it?

DoninGA

Level 15

@Steveford wrote:

received 1099-s for timber sales. Where do I report it?

See this TurboTax support FAQ for the sale of timber - https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-income-from-a-timber-sale/00/26620

Pdbarce

Level 2

How do I report Form 1099-S Process from Real Estate Transactions (share from a sale of inherited land)

Hal_Al

Level 15

Q. How do I report Form 1099-S Process from Real Estate Transactions (share from a sale of inherited land)

A. There is no designated 1099-S entry point, In TurboTax (TT). Enter at:
- Federal Taxes tab (Personal in Home & Business)

- Wages & Income

Scroll down to:

-Investment Income

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

Answer no, when asked if you got a 1099-B, then follow the interview.

When asked when you acquired the property, type the word INHERITED. It will be treated as a long term gain or loss. The cost basis in inherited property is the fair market value on the date of death.