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Level 1
posted Jan 24, 2024 7:43:53 AM

1099-S info input jumps to a 1099-B

I am trying to report timber sales income from a 1099-S.

After entering to 1099-S on who issued the 1099-S, it jumps to adding information on a 1099-B

0 2 367
1 Best answer
Expert Alumni
Jan 24, 2024 8:22:06 AM

Yes, that is correct.  Both the 1099-B and the 1099-S are information returns actually filed by the brokers.  You are entering specific information from your copy of these forms to populate a Schedule D for gains/losses on investment sales.  

 

Since the 1099-S information is a subset of 1099-B information, the entry area/labels are the same (1099-B).  When you select "Other Investment (1099-S)" some of the entries required for a 1099-B are eliminated based on a form 1099-S.  

 

Neither of these forms are attached to your tax returns; only the required information from them for the Schedule D is used. 

2 Replies
Expert Alumni
Jan 24, 2024 8:22:06 AM

Yes, that is correct.  Both the 1099-B and the 1099-S are information returns actually filed by the brokers.  You are entering specific information from your copy of these forms to populate a Schedule D for gains/losses on investment sales.  

 

Since the 1099-S information is a subset of 1099-B information, the entry area/labels are the same (1099-B).  When you select "Other Investment (1099-S)" some of the entries required for a 1099-B are eliminated based on a form 1099-S.  

 

Neither of these forms are attached to your tax returns; only the required information from them for the Schedule D is used. 

Level 15
Jan 25, 2024 10:25:31 AM

when receiving a 1099-S for a home sale, enter the transaction exactly as you would have without getting the 1099-S, even if your capital gain is excluded. IRS wants to see the detail.