1099-S sale of land

[danjonesmobile]

Turbotax is saying to put this into the investments section, which sure, makes sense, however, there is no way to enter a 1099-S into the investments section, only 1099-B, or no 1099. Those seem to be the only two options, even though as you enter the section it clearly says 1099-S should go there. Thoughts? Thanks.

[RobertB4444]

The section under investment income where it says "1099-B or Broker Statements".  It is counting the 1099-S as a broker statement.  Go there and you'll be all good.

@danjonesmobile 

[danjonesmobile]

Hey, thanks for responding. I see that, but it is calling it a 1099-B, not a 1099-S. So the answer is to just call it a 1099-B in the system, then.

[GeorgeM777]

To follow-up on the comments from @RobertB4444, yes report the sale of the land in the investment section of TurboTax even though that section deals with 1099-Bs and not form 1099-S.  If the land you purchased and sold was an investment, then you need to report it the same way you would any other investment such as stocks, bonds, mutual funds, etc.  

Reporting the sale of the land, with the correct cost basis, and sale proceeds (deduct from the sale proceeds any commissions, closing costs, etc.)

on Form 8949, Sales and Other Dispositions of Capital Assets, is the correct approach.

@danjonesmobile

[lxs123]

Hi George,

  I have the same problem. Cannot find the 1099-S form. In fact, I searched the form under TurboTax Premier and there is no such form. Just want to re-confirm.  Are you saying I can just consider it as 1099-B for the land sale? 

[JamesG1]

Yes, report the sale of 1099-S as a sale of an investment property.  In TurboTax Premier follow these steps:

• Down the left side of the screen, select Federal.
• Down the left side of the screen, select Wages & Income.
• Scroll down to Investments and Savings.  Click Show more.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• Click Add investments.
• At the screen Relax.  We got it, select Continue.
• At the screen Let's import your tax info, click on Enter a different way.
• At the screen OK, let's start with one investment type, select Other.
• Enter sale information.

@lxs123 

[Hal_Al]

Yes, this is a short coming in TurboTax.  

Do not try to find a 1099-S entry point. The sale of land is considered a capital gain.

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in  Home & Business)

 - Wages & Income

Scroll down to:

-Investment Income

   -Stocks, mutual funds, Bonds, Other (landis other)

[lxs123]

Thanks! JamesG1, I have Turbotax (deck top) so I don't find the steps you described. But, I think everyone seems to give the answer that treat it as 1099-B. Then, it will work.