Irene2805
Expert Alumni

Retirement tax questions

There is not a specific entry screen  for the 1099-S.  The sale of land is considered the sale of an investment. 

 

You can report the sale in TurboTax using these steps:

  1. Click on Federal Taxes > Wages & Income
  2. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  
  3. [If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link.]  
  4. Answer Yes on the Did you sell any investments in 2020? screen.
  5. Answer No on the “Did you get a 1099-B or a brokerage statement for these sales?” screen.
  6. The next screen is “Tell us about this sale”. Mark the radio button next to I’ll enter one sale at a time
  7. On the screen, Tell us about this sale, enter the total sales proceeds as well as the other information requested.  [See Screenshot #1, below.]
  8. Continue to the screen, Select any less common adjustments that apply.  (In TurboTax Online: Let us know if any of these situations apply to this sale)
  9. Mark the first box The reported sales price did not deduct all fees or selling expenses.  [Screenshot #2]
  10. Enter the sales expenses not deducted from the sales price entered earlier.

 

 

Screenshot #1

 

 

Screenshot #2

 

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