topic 1099 s in Deductions & credits

1099 s

bart-bonney — Tue, 15 Apr 2025 01:08:22 GMT

I have a piece of personal property (a ranch), I purchase in 2007 for 100k, sold in 2024 for 322.5k I will deduct my closing costs on the additional expense tab, but where do I add my improvements, water well , fence, etc to raise my cost basis?

Re: 1099 s

Vanessa A — Tue, 15 Apr 2025 01:38:27 GMT

When you enter the sale, you will see a box to enter your cost basis. You will add the $100k to the improvements and enter the total there.

Re: 1099 s

bart-bonney — Tue, 15 Apr 2025 01:50:17 GMT

So the 1099 s has a cost basis of 100k, on turbo tax I turn that in 113,700 in my instance ?

Re: 1099 s

Vanessa A — Tue, 15 Apr 2025 15:54:00 GMT

Yes. If your improvements cost $13,700 and you paid $100k, then you would enter $113,700 for your cost basis.