Form 1099-S

MRT — Thu, 04 Mar 2021 05:31:21 GMT

I have received a form 1099-S for the sale of some timber on a timber farm I inherited from my parents. All that is indicated on the form is the Gross proceeds of the sale. I read your instructions under form 1099-S but what you are stating in the instructions is not what I am seeing on my screen. For instance, I go to the Investment section and select Stocks, Mutual Funds, Bonds, & Other but I never see a tab for Everything else. If I try to add a sale there, it is asking questions that must be on a 1099-B form. I don't have that information on the 1099-S form. I know a cost basis because we had this property appraised at the time of inheritance but that is all I have. I do not think this appraisal was reported to the IRS. What Turbo Tax is asking me to fill out is not shown on the 1099-S.

Re: Form 1099-S

HelenC12 — Thu, 04 Mar 2021 14:43:16 GMT

Investment property. Land held as investment property is a capital asset, and a gain or loss from its sale or exchange is a capital gain or loss.

Please enter your Timber Sale as follows:

1. In TurboTax, search for this exact phrase: land sale.

2. In the search results, click Jump to land sale, which should be at the top of your search results.

3. Answer Yes on the Did you sell stocks, mutual funds, bonds or other investments in 2020? screen.

o If you get the Your investment sales summary screen instead, select Add More Sales.

4. On the OK, what type of investments did you sell? screen, select Other and continue.

5. On the Tell us more about this sale screen, enter the requested information and continue.

6. On the Now we’ll walk you through entering your sale details screen, in the What type of investment did you sell? box, scroll down to Land (other investment purpose).

7. Continue entering the requested information until complete.

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Form 1099-S

Re: Form 1099-S