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.
