The City purchased the front part of the land of my main home for a sidewalk project last year. The total was for less than $10,000. I have a 1099-S form to enter, and I see mixed postings about where and how this form should be entered. As far as I can tell, there are two places to enter a 1099-S in TurboTax 2023: (A) "Investment Income: Stocks, Cryptocurrency, Mutual Funds, Bonds, Other" or (B) "Less Common Income: Sale of Home." I tried both, and on (A) I pay taxes on it, and (B) says I'm exempt from paying taxes. Which one is correct? And I'm also confused about what to enter for "Cost Basis" or "Adjusted Cost Basis." One post in the forum says leave it blank, and one said to enter the same number as "selling price."
