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.
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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.
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.
Got it. Thanks.
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?
In TurboTax Premier, you would enter the sale of land in the Investment section.
Here is a link to information about how to enter Form 1099-S.
In TurboTax Premier, you would enter the sale of land in the Investment section.
Here is a link to information about how to enter Form 1099-S.
where do I report my 1099-S for sale of land on TurboTax premiere 2022
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:
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.
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