removing bases from reported 1099-Misc.

Francis 12 — Tue, 24 Feb 2026 04:34:46 GMT

The byer of my bare land reported the sale on MISC Form 1099. However I cannot deduct my bases from the Form

Re: removing bases from reported 1099-Misc.

JohnW152 — Mon, 17 Apr 2023 21:21:23 GMT

Enter your land sale this way, rather than through the Form 1099-MISC pathway:

Sign in to TurboTax and select Pick up where you left off or Review/Edit under Wages & Income
Scroll down and select the Show more dropdown to the right of Investments and Savings
Select Start or Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Answer Yes on the Did you have investment income in 2022? screen, then select Continue
- If you land on the Your investments and savings screen, select Add Investments
On the next screen, select Enter a different way
On the OK, let's start with one investment type screen, select Other (land, second homes, personal items), then Continue
On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale
On the next screen, select Land (personal use) or Land (other investment purpose), as appropriate, from the first dropdown menu, then enter the rest of the info for your sale. The text mentions Form 1099-B, but that's not necessary to enter this information. Select Continue
Continue through the interview

This way, you'll be able to enter your basis.

Then, delete your 1099-MISC information:

If you don’t see 2022 TAXES in the left pane, select the dropdown to the right of Income & Expenses on the Hi, let’s keep working on your taxes! page and then select Let’s get started, Pick up where you left off, or Review/Edit.
- Otherwise, in the left pane, select Wages & Income
Scroll down and select Edit/Add to the right of Income from Form 1099-MISC
Select Delete (the trashcan icon) to the right of the relevant Form 1099-MISC, then select Yes on the Delete Confirmation page that generates