topic Recieved a 1099-S. State needed a portion of the land. sold the portion. Were do we report the sale since we still own the excise property? in Deductions & credits

Recieved a 1099-S. State needed a portion of the land. sold the portion. Were do we report the sale since we still own the excise property?

tinytim60 — Sat, 01 Feb 2020 00:59:59 GMT

Re: Recieved a 1099-S. State needed a portion of the land. sold the portion. Were do we report th...

MarilynG1 — Sat, 01 Feb 2020 01:45:10 GMT

Here's how to report the sale of land:

Income from the sale of land is reported in the investment section.

Click on Federal Taxes > Wages & Income.
Scroll down to the Investment Income section and click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.
If you haven't entered any investment sales yet you will see a screen Did you sell any investments in 2019? Click on Yes.
If you have entered investment sales you will see a screen: Here's the investment sales info we have so far.
Click on the link Add More Sales link.
On the screen Did you get a 1099-B. . . , click on No.
For Choose the type of investment you sold select Everything else and click Continue.
Proceed through the screens, entering the requested information.

You will need to know the 'Cost Basis' of the portion of land you sold. You could use an Assessor's Statement or Tax Bill and calculate the % that belongs to the land you sold.

Re: Recieved a 1099-S. State needed a portion of the land. sold the portion. Were do we report th...

stitches_of_joy — Sat, 30 Jan 2021 02:07:06 GMT

I went to Stocks, Mutual Funds, Bonds, Other - but I was unable to access any screen that allowed me to enter information from a 1099-S . This is a piece of our property that the State needed for road construction, but we have retained the remaining land and our home.

Re: Recieved a 1099-S. State needed a portion of the land. sold the portion. Were do we report th...

DawnC — Sat, 30 Jan 2021 02:29:44 GMT

You are in the right spot. Other Investment sales is where you enter the information from the 1099-S. Answer Yes that you sold investments in 2020. And NO to the 1099-B question. The screen will not ask for the actual 1099-S, but you use the information on the 1099-S to complete the sale entry. You need the description, date sold, date acquired, proceeds, and the basis. If you held the property for more than a year, the holding period is Long-Term. If less than a year, it is Short-Term.

As mentioned above, you will need to know the 'Cost Basis' of the portion of land you sold. You could use an Assessor's Statement or Tax Bill and calculate the % that belongs to the land you sold.

Where do I enter Form 1099-S? @stitches_of_joy