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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:
- Click on Federal Taxes > Wages & Income
- In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.
- [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.]
- Answer Yes on the Did you sell any investments in 2020? screen.
- Answer No on the “Did you get a 1099-B or a brokerage statement for these sales?” screen.
- The next screen is “Tell us about this sale”. Mark the radio button next to I’ll enter one sale at a time
- On the screen, Tell us about this sale, enter the total sales proceeds as well as the other information requested. [See Screenshot #1, below.]
- 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)
- Mark the first box The reported sales price did not deduct all fees or selling expenses. [Screenshot #2]
- Enter the sales expenses not deducted from the sales price entered earlier.
Screenshot #1
Screenshot #2
February 15, 2021
6:05 AM