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Returning Member
posted Jan 29, 2023 8:26:29 AM

1099-S inherted property sold

Hi

Looking to determine how to post a 1099-S that I received for the sale of property that was inherited from the passing of my parents' trust.  Able to locate only the reporting of a sale of a house, but not land. Feedback posts says it will query what it is but doesn't.  Any help would be appreciated.

 

Thanks

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5 Replies
Level 15
Jan 29, 2023 9:29:09 AM

the land would likely not be reported separately. to make sure you an contact the recorder of deeds in your area which should show the buyer as the new owner.

 

Returning Member
Feb 9, 2023 6:18:26 PM

Thanks for the first response, but I have a 1099-S to report the sale to allow me to get a refund on the state land taxes at sale.  I see the sale of primary house but not land option.  

 

Thanks

Expert Alumni
Feb 9, 2023 6:51:40 PM

To clarify, did you receive two 1099-S or just one? Also, was the sale of the land sold separately or part of the sale of the house?

 

@famtaxman2020 

Returning Member
Feb 26, 2023 5:27:02 AM

All

One last question on this topic.  If the inherited property was sold in another state other than my state of resident, which state should be used on my TurboTax form (Any of these less common items for the sale)?  Example: Property was sold in West Virginia, and we reside is Maryland

 

Thanks again for the support!!

 

Expert Alumni
Feb 26, 2023 7:56:26 AM

You report that you live in Maryland and that you also had income from West Virginia in the Personal Info section of TurboTax. You enter the home sale in the federal return and it will flow to both states. 

 

When you get to the state, do West Virginia first. File as a non-resident and show only the home sale as being West Virginia income. 

 

If you had a gain on the home and had to pay some tax to West Virginia, you can get a credit for the tax paid to another state when you do your Maryland return.