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What form do I use to file a 1099-S for a sale of property from my mom's estate using the estate EIN?
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June 6, 2019
1:54 AM
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Deductions & credits
Are you preparing a return for the estate or your own personal return (1040)?
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June 6, 2019
1:54 AM
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There is no entry screen for the 1099-S, but you can enter the sale of your mother's house in the 1041 return using these steps:
- Click Federal Taxes > Continue.
- On the Your Income screen, in the Investment Income section, click the Start/Update box next to Home Sales.
- On the Home Sale screen, click Yes.
- Continue through the screens, enter the information on the sale.
To enter the sale of land, please follow these steps:
- Click Federal Taxes > Continue.
- On the Your Income screen, in the Investment Income section, click the Start/Update box next to Stocks, Mutual Funds, Bonds, Other.
- On the screen, Did You Sell Any Stocks, Bonds, or Mutual Funds in 2018, click Yes.
- On the next screen, Investments Acquired from a Decedent, mark the Yes radio button and click Continue.
- On the Select Your Financial Institution screen, select No Financial Institution from the list and click Continue.
- On the next screen, enter the details of the sale. [Ignore the last two columns.]
- On the screen, Investments Acquired from a Decedent click the Acquired from Decedent box next to the land sale and click Done.
It's important that you indicate that the land was "acquired from a decedent" because the sale will then be taxed as long-term instead of short-term resulting in a lower tax rate.
[Edited 4/4/2019 7:41 am PDT]
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June 6, 2019
1:54 AM
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Not sure if it makes a difference but it was actually a piece of land that had no home on it. Would I still enter the same thing or is there an option for just a land sale. Thanks
June 6, 2019
1:54 AM
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I have added instructions for entering a land sale to my original answer. The method is similar, but with a few "tweaks."
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June 6, 2019
1:54 AM
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Thank you. Just a quick follow up. Is there a minimum amount for the Gross Proceeds in order to have to file? Or do you have to file no matter what the amount. The land sold for $20,000. That is all we have to report for the estate last year.
June 6, 2019
1:55 AM