topic 1099-S in Business & farm

1099-S

tiptosa — Mon, 10 Feb 2025 23:31:22 GMT

How do I enter a 1099-S Proceeds From Real Estate Transactions (it's farm land sale)? If I enter it as Business Income or Additional Income, TurboTax converts it to a 1099-B. When I do a search on 1099-S it sends me to Income section of the return, instead of the form.

Re: 1099-S

MarilynG1 — Mon, 10 Feb 2025 23:43:49 GMT

There's isn't a place to enter a Form 1099-S as such in TurboTax.

You'll report the details from the form when reporting the sale of your asset.

If your Farm Land is an Asset for a Schedule F, you'll report the sale of that asset in that section.

If it was vacant land not used for business, report it as an Investment Sale.

Re: 1099-S

tiptosa — Thu, 13 Feb 2025 14:13:21 GMT

Thank you for your quick reply. The farm land is not a listed depreciable asset in schedule F and it isn’t vacant land.

TurboTax needs to add all tax forms, including 1099-S. Other Home and Business software has that ability, and I will have to use that.