Sale of land

[rickbabcock]

Sold some vacant land in 2021. TTax Premier other investments mentions 1099-S but only asks about 1099-Bs and seems to treat all "add more sales" without a 1099-B as a stock transaction. No links to 1099-S for land sales. Apparently past versions had threads specific to land sales. Do I just fill in the appropriate boxes and ignore the stock related stuff or is there a different thread I haven't discovered for land sales.

[Mike9241 · Accepted solution]

pretend the 1099-S is a 1099-B.  if it's investment property it gets entered just like a stock sale except the type would be B or E because the cost basis is not reported to the iRS.

[rickbabcock]

Got it. Thanks.

[lcs1968]

We sold a lot in 2021 that was given to us by a relative.  We received a form 1099S for this sale.  How do I enter this in my Turbotax Premier?

[PattiF]

In TurboTax Premier, you would enter the sale of land in the Investment section.

1. In the search box, search for land sale and select the Jump to link
2. Answer Yes on the Did you sell any stocks, mutual funds, bonds or other investments in 2021?​​​​​​​​​​​​​​​​​​​​​​​​​​​​
3. If you land on the Your investment sales summary screen, select Add More Sales
4. On the OK, let's start with one investment type screen, select Other, then Continue
5. On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale
6. On the next screen, select Land and answer the questions to finish entering your sale.

Here is a link to information about how to enter Form 1099-S.

[PattiF]

In TurboTax Premier, you would enter the sale of land in the Investment section.

1. In the search box, search for land sale and select the Jump to link
2. Answer Yes on the Did you sell any stocks, mutual funds, bonds or other investments in 2021?​​​​​​​
3. If you land on the Your investment sales summary screen, select Add More Sales
4. On the OK, let's start with one investment type screen, select Other, then Continue
5. On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale
6. On the next screen, select Land and answer the questions to finish entering your sale.

Here is a link to information about how to enter Form 1099-S.

[eksparalegal]

where do I report my 1099-S for sale of land on TurboTax premiere 2022

[PattiF]

You would enter the sale of land in the investment section. Even though the proceeds of the sale were reported on a 1099-S, the 1099-S form is not directly added to the tax return like some other forms are entered. The information on the 1099-S is added.

To enter this information, go to your TurboTax return:

• Click on the Wages & Income tab
• Next click on I'll choose what I work on
• Scroll down the screen until you come to the section Investment Income
• Chose Stocks, Mutual Funds, Bonds, Other and select Start or Update
• The first screen will ask if you sold any investments during the year, answer 
• Did you get a 1099-B or a brokerage statement for these sales? Answer No
• Tell us about this sale, Click I'll enter one sale at a time
• The drop-down boxes can be filled out with the details of the land sale

1. Description - general location or address
2. Date sold - on 1099-S
3. Date acquired - from your records
4. Sale proceeds - on 1099-S
5. Cost basis - initial purchase price plus expenses of the sale

Items added to basis.

You can include in your basis the settlement fees and closing costs you paid for buying your land. 

The following are some of the settlement fees and closing costs that you can include in the original basis of your land.

Abstract fees (abstract of title fees).

Charges for installing utility services.

Legal fees (including fees for the title search and preparation of the sales contract and deed).

Recording fees.

Surveys.

Transfer or stamp taxes.

Owner's title insurance.

Any amount the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, cost for improvements or repairs, and sales commissions.

@eksparalegal