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Deductions & credits
Yes, you will report this sale in the following manner.
- You will report that you made money in another state.
- You do not need to report a filers information/TIN. You are the filer and this is your own investment.
- Yes, by indicating land as the investment, the IRS know this is land you sold.
- Whether you itemize or take a standard deduction is not an issue when you file a 1099-S. You are reporting income with it and not taking a deduction.
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March 10, 2021
1:54 PM
1,484 Views