topic Where do I enter 1099s? in Business & farm

Where do I enter 1099s?

null445 — Wed, 15 Apr 2020 01:59:02 GMT

Re: Where do I enter 1099s?

VolvoGirl — Wed, 15 Apr 2020 02:00:03 GMT

What kind of 1099? 1099S, 1099Misc, 1099R etc.

Re: Where do I enter 1099s?

cwesp — Sat, 23 Jan 2021 00:07:34 GMT

I passed by the opportunity to have TurboTax fill in my 1099 forms and cannot get back to that page. Can you help?

Re: Where do I enter 1099s?

cwesp — Sat, 23 Jan 2021 00:08:13 GMT

1099 misc

Re: Where do I enter 1099s?

DawnC — Sat, 23 Jan 2021 00:13:56 GMT

Do you need to report 1099s that you received or do you want to create 1099s for business's contractors? And are you using TurboTax Online or the desktop program? @cwesp

Re: Where do I enter 1099s?

davidsheffey — Sun, 28 Feb 2021 22:15:04 GMT

I have sold the family farm and have a 1099S. How do I get to the entry location in Turbotax?

Re: Where do I enter 1099s?

ToddL99 — Sun, 28 Feb 2021 22:33:30 GMT

Enter the 1099-S in the Stocks, Mutual Funds, Bonds and Other interview in Personal > Personal Income > Investment Income - the interview assumes you will have a Form 1099-B, but this is where you enter a Form 1099-S.

There is no special interview in TurboTax for Form 1099-S - it is entered in the Stocks, Mutual Funds, Bonds and Other interview of Investment Income and is not a Form 1099-B.

In the Stocks, Mutual Funds, Bonds and Other interview, answer "No" when asked "Did you get a 1099-B or other brokerage statement for these sale?" Then, enter the "farm" sale information from the 1099-S.

In desktop versions of TurboTax, the screen looks like the following:

Re: Where do I enter 1099s?

BMW82 — Fri, 25 Feb 2022 21:14:48 GMT

1099s

Re: Where do I enter 1099s?

DianeW777 — Fri, 25 Feb 2022 21:35:03 GMT

Please provide clarification on exactly what you might need assistance with.

Do you need to complete a Form 1099S for the IRS and buyer?
Do you need to add the sale of real estate you had and received a 1099S?
Do you need to include income on your tax return that is from various 1099s (1099-INT, 1099-DIV, 1099-DIV)?

Once we have the information to help you one of our tax experts is ready to provide the answers. Some of the article below may be helpful.

@BMW82

Re: Where do I enter 1099s?

BMW82 — Fri, 25 Feb 2022 21:40:22 GMT

I have a 1099s from state for a eminent domain sale of a small piece of my farm do I enter it?

Re: Where do I enter 1099s?

BMW82 — Fri, 25 Feb 2022 21:41:59 GMT

one I received

Re: Where do I enter 1099s?

DianeW777 — Sun, 27 Feb 2022 20:15:13 GMT

Yes. Compensation received through an eminent domain proceeding is subject to the same tax treatment as the proceeds of any other sale of real estate. It's unlikely their is a cost basis for the parcel you received the eminent domain proceeds. You can try to arrive at a cost basis by figuring out the land value and then dividing by acreage. The value of the land and buildings could be obtained from the Tax Assessors office for your county. Once the percentage is found for the land then use that on the total cost of the land portion of the property.

The entry will be a sale of Investment. Per the IRS instruction for holding period: Holding period. IRS Publication 544

Long term: held more than one year (one year plus one day)
Short term: held one year or less

Open or continue your return (you can choose the Search box and type 'sale of second home' then use the Jump to link to enter your inherited sale) or follow the menu.
Under Wages & Income scroll to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2021? screen
- If you have other sales on the Your investment sales summary screen, select Add More Sales
On the OK, let's start with one investment type screen, select Other, 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 Other, then continue to enter your sale.

An article that may be helpful is included also.

What are the Tax Implications of an Involuntary Conversion?

Please update here if you need further assistance.

@BMW82

[Edited: 02/27/2022 | 12:12p PST]

Re: Where do I enter 1099s?

wrinderle — Thu, 10 Mar 2022 21:39:54 GMT

Sale of Rental Property

Re: Where do I enter 1099s?

AmyC — Thu, 10 Mar 2022 23:11:08 GMT

Please see my answer here for entry help. It has the pictures and instructions. Each asset must be disposed of individually. All other assets will be sold for $0 since only the house and land sold for money.

Re: Where do I enter 1099s?

jhriversjr — Fri, 11 Mar 2022 06:18:48 GMT

I received a 1099S for sale of rental property but do not find where to input this information.

Re: Where do I enter 1099s?

TeresaM — Fri, 11 Mar 2022 16:58:21 GMT

If you sell a rental property, that will need to be entered in the Schedule E section, with the other rental information. There is another place in TurboTax to enter a Form 1099-S, but that is for other kinds of property.

The key will be when you get to the screen Tell us about your situation this year Check the Sold box, along with any other boxes which apply. This will prompt you later for details about the sale. You will use the information from the Form 1099-S to fill out that section but it is not entered directly.

For more information, please see this TurboTax Help article. It may be helpful to click on the link for Terminology Tips. Entering Sale of a Rental Property

Re: Where do I enter 1099s?

juice1950 — Thu, 17 Mar 2022 17:50:22 GMT

I sold a lot beside a house I am renting. I received a 1099S form for the amount I received for the lot. BUT the lot was worth $17000 and I sold it for $10000. Do I get to take a loss on this lot? Also where do I enter the 1099S on my tax form. I am using the desktop version of Turbo Tax.

Re: Where do I enter 1099s?

juice1950 — Thu, 17 Mar 2022 19:14:04 GMT

I SOLD A LOT BESIDE A RENTAL PROPERTY THAT I OWE. IT WAS SOLD FOR $7000 LESS THAN THE ACTUAL PRICE. I RECEIVED A 1099S FOR THE $10000. WHERE DO I ENTER THE 1099S? AND WILL I GET A DEPRECIATION FOR THE $7000 ANYWHERE?

Re: Where do I enter 1099s?

DianeW777 — Thu, 17 Mar 2022 19:38:22 GMT

The sale of land is considered an investment sale. If all you sold was the land (no structures or buildings on it where depreciation expense was used as part of your rental activity) you will report it as follows.

Also, if this portion of land was included in the rental home asset, be sure to change the cost of the land for the rental. If you never added the cost of the particular parcel of land to the rental building information there is nothing to do in the rental portion of your return.

Land sales are reported by using the following instruction.

Federal Taxes > Wages & Income >scroll down to Investment Income and select Stocks, Mutual Funds, Bonds, Other.
Respond "yes" to Did you sell any investments? You'll then be asked Did you get a 1099-B or brokerage statement? 'No'
Enter one sale at a time
Enter Land Sale Information
Continue to follow the prompts to complete your sale
See the image below for assistance.

@juice1950

Re: Where do I enter 1099s?

ThomasM125 — Thu, 17 Mar 2022 20:55:00 GMT

Since the lot was not rented or used for business, the loss on sale of it would be a capital loss, the aggregate of which is limited to $3,000 per year on your tax return.

You would report it as an investment sale as follows:

While in the Federal section of TurboTax:

1. Income and Expenses

2. Investment Income

3. Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)

Choose the category of investment you want to enter and follow the instructions to enter your investment sale.