Yes, you need to report the 1099-S on your tax return even though the result of the sale was a loss. (If you don't report the sale, the IRS may assume the $10,000 was gain.)
To report the sale of land:
- Open (continue) your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
- Click My Account (top right of your screen).
- Select Tools.
- In the pop-up window, select Topic Search.
- In the search bar, type land sale.
- In the results box, highlight land sale, then click GO.
- You'll land on Did you sell any investments in 2016? Click Yes.
- Next you'll see Did you get a 1099-B or a brokerage statement for these sales? Click No.
- On the next screen, select Land and click Continue.
- Follow the onscreen instructions to complete the sale of land interview. You'll be asked questions about the land, including when and how you acquired it, when you sold it, the sale price, etc.
Note: If using the TurboTax
CD/Download software, you'll use the Find function (instead of "My
Account") to search for the topic.
Please see the FAQ below for more information, including where to report a 1099-S for sale of real estate other than land.
Where do I enter Form 1099-S?
https://ttlc.intuit.com/replies/3302480
