Where to Report 1099-S for Sale of Land?

[kdw2020]

I'm looking for help on where to Report a 1099-S for the sale of Land?  (Per the prompt, I upgraded from Turbotax "Deluxe" to "Premium" just to make this report.  But the instructions and information are all the same; unclear and buggy.)

I entered the sale under "investment income" then "stocks, mutual funds, bonds, other" and filled out the info.  However, after answering "no" to "do you have a 1099-B" it never gives any other options!!

I think I've now included the sales information, but I still do not know where to record the 1099-S I received.  Help!

[Mike9241]

1099-B wks (worksheet).  if you entered it correctly you'll have a Schedule D in your return reflecting the net gain/loss

[fanfare · Accepted solution]

There is no panel for 1099-S.

Enter the sale exactly as you would if you did not receive a 1099-S.

[kdw2020]

Mike9241, thank you.  I do see the correct numbers in my Schedule D.  I just wanted to make sure that there was somewhere I could "report" having received the actual 1099-S; apparently not!  I appreciate your help!

I think this is a(nother) bug that Turbotax/Intuit needs to fix!

Regards,

[kdw2020]

Fanfare, thank you.  (See my post back to Mike9241.) 

Agreed, there appears to be a missing "panel" or dialog box window in Turbotax, and it cost me more money with them to have NOTHING changed from Deluxe to Premier....... 

Thanks for confirming; I really appreciate your help!

Regards,

[ronkennedy42]

Info on 1099-B, no help for 1099-S, please direct to 1099-S reporting on Premier.

[DianeW777 · Accepted solution]

Land is considered investment property if it is not part of a home sale.  Land sales are reported by using the following instruction.

1. Federal Taxes tab, then Wages & Income, then scroll down to Investment Income and select Stocks, Mutual Funds, Bonds, Other. 
2. Respond "yes" to Did you sell any investments?  You'll then be asked Did you get a 1099-B or brokerage statement? answer "no."
3. Enter one sale at a time
4. Enter Land Sale Information Be aware of the tiny box that says "Reported sales price did not deduct all fees of selling expenses," as it must be checked if applicable to you.
5. Continue to follow the prompts to complete your sale
6. See the image below for assistance.

[kdw2020]

Hello!  thanks, but the "Deluxe" and "Premier" scripts and entry (or lack there-of) for the 1099-S are exactly the same. 

My input is that anyone else with the same issue, just manually enter as a 1099-B and don't bother with upgrading Turbotax from Deluxe to Premier (for this issue) until Intuit makes changes to add a 1099-S panel.

Regards,

[kdw2020]

Hello!  Yes, that's exactly what I did!  Thank you for your thorough answer!!

Regards,

[gracedupree42]

I sold a piece of land that I acquired as a gift in 1988.  I do not have a 1099 form.  All I have is a form from the real estate agency that was supposed to be sent to the North Carolina Dept of Revenue.  I have the information on the original sale price in 1988 and the spreadsheet from the real estate agency on the fees that were taken out of the price charged in 2020.  How do I handle this?

[potterswa]

I have turbotax home and business and I'm not able to find the box reported sales price did not deduct all fees or selling expenses. It's not allowing me to show my improvements such as road work, landscaping costs.  Where do I enter this information?

[ToddL99]

Include the cost of your improvements in the cost basis of the property (part of the interview). 

See Where do I enter the sale of a second home, an inherited home, or land on my 2020 taxes? for detailed instructions on reporting the sale.

See What is the definition of cost basis? for guidance in determining your cost basis. See the related links if you received the property as a gift.

[mydogs277]

How do I claim a tax loss on land lost through tax forfeiture?

[JosephS1]

In reference to "How do I claim a tax loss on land lost through tax forfeiture?".  In all likelihood you did not receive a 1099-S for this but if you did the sales price, if any, would be shown in Box 2 of Form 1099-S.  However, enter the "sale" as Other property as follows:

1. In Wages & Income, click on Investments and Savings (1099-B, etc.)
2. Click on +Add Investments, then Continue
3. Click on "Enter a different way"
4. Click on the box that says "Other"
5. Enter "Land"
6. In the following screen click on the down arrow for what type of investment and scroll down to Land (other investment purpose)
7. Continue to answer the questions until you get to proceeds.  There you have a decision to make.
8. If you have a 1099-S, then there is no decision, enter the amount from Box 2.  If no 1099-S then you must make a decision that has 2 trains of thought.  1 is that you enter zero for the proceeds and continue from there.  The other is if the amount of property tax still owed on the land and for which the property was taken can be considered to be the proceeds.  My own opinion is that the property tax owed would be considered proceeds in exchange for the property but I cannot site-specific guidance on this and I have explored multiple sources but none that deal specifically with your situation.
9. Whichever method you choose, either entering zero of the tax owed, proceed to Total amount paid and enter the total cost basis for the land.  That would include original purchase price, any improvements, and other upkeep if you did not deduct those costs elsewhere on previous returns.  If your business is not as a real estate professional or land developer, the yearly property taxes you paid would have been deductible on your personal return and not additional cost basis.

@mydogs277 

[ashokamin40]

I am looking for tax to be reported on Form 1099-S on Deluxe Turbox tax 2023, I could not find this entry in this

Turboxtax.