I own a condo in a community. The condo complex was built in the early 2000s. When the housing problems arose in the later 2000s, only half of the community was completed. Half of the designated land was never built upon and sat there unattended. Recently, the Complex association sold the land and each of the owners in the developed part of the complex received a portion of the proceeds, as according to the complex organizational rules, each current condo owner was a partial owner of the sold land. My question is: what is the correct way for me to report the income from that sale of undeveloped land on my taxes?
This would be similar to an investment property...kind of like a surprise investment in this case. You would enter it by clicking the following:
Vanessa, Thanks for your reply. What do I do if I didn't get a 1099-S?
Then you would go through the same steps but use your numbers to fill in the information requested.