In 2005 I bought some vacant land using money from my traditional IRA for about $26,000. We never used the land for any purpose. We thought we would build there one day but never did. Last year ...
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In 2005 I bought some vacant land using money from my traditional IRA for about $26,000. We never used the land for any purpose. We thought we would build there one day but never did. Last year I had to sell it for $75000. I am confused about how to report the sale. I got a 1099-S showing $75,000 from the Abstract Company. Transferors Name block shows the IRA management company and than "FOR THE BENEFIT OF" and my name and address. The 9 digit filer TIN is shown. I don't know if the TIN is for the abstract company or the company who managed my IRA. Under Transferor's TIN is my SSN. My proceeds were only $65,000 which I immediately rolled over into another traditional IRA. All the fees and expenses of the sale came out of the IRA. I assume since this was a roll over there are no capital gains? So I do not file a Schedule D Capital Gains and Losses ? I assume I hold onto the 1009-S for my records, but do not attach it to my tax return (1040)? So is there anywhere in my tax return where I report this sale ? If not it seems odd I do not need to report this sale or rollover somewhere, but I am new to all this. I am worried that since the IRS has that 1099-S they audit me. Very confused. BTW I am 74 yrs old. Thanks for your help.