Carl
Level 15

Investors & landlords

I got a 1099-S!

So the only correct response to the question asking if you got a 1099-B, is obviously no. 🙂

Next = problem - "was this investment ever used for rental"??? Well, it was last rented in 2017!

Say no. Since all you're selling is raw land and land is not a depreciated asset, there's no depreciation recapture to deal with here.

there is no place to enter 1099-S information

..and there never will be for this specific sale. All the 1099-S does is confirm to you that the bank has notified the IRS that you received a payout from the sale. That does not always mean the payout is taxable. But it does mean that the payout is reportable no matter what.

Remember now, your cost basis on this sale is the cost you assigned to the land, plus the cost of the demolition, and that's it. The cost of the structure (which is no longer there because you demolished it) doesn't figure into this equation at all.