PattiF
Expert Alumni

Get your taxes done using TurboTax

To enter the 1099-S in TurboTax Online:

 

Click on Federal > Wages & Income

  1. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
  2. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 2022?  Click the Yes box.
  3. On the screen,  OK, what type of investments did you sell? mark the Other box and click Continue.
  4. When you get to the screen, Now we’ll walk you through entering your sale details, enter the details of the sale.  You will be able to select the type of investment in the first box [second home, land, etc.]  
  5. Enter the requested information and click Continue when done.

You will need to determine the cost basis for the land.

 

If the sale was within a short time after the death of your brother, then use the sales price as the FMV for the cost basis.  If there was a time gap and also because the title was changed, it complicates things a bit.  You can always use the tax assessors' figures which tend to be a bit on the lower side ( thus creating taxable profit for the inheritors ) or get a realtor familiar with the neighborhood to give you an estimate.

 

Please see this from the IRS about inherited property where they discuss your basis in the property at the beginning of the answer.

 

@gegarrison 

 

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