Sold a 50/50 ownership in 5 acre of raw land with my brother in 2024. The title company advised they do not issue a 1099-S advising to use the Affidavit of Property Value when filing. The land sold for $10,000 minus commission & another fee took the price down to $8,000 each of us received $4,000 each. How do I go about filing this? Do I file the $4,000 and not the full sale price of $10, 000.
I am assume that the Affidavit of Property Value is reported to either the IRS or with the state revenue dept.
Any tip and can this type of transaction be filed using TurboTax?
Thanks,
K
