I dont have a k1 I am filing estate taxes on an estate financed vacant land sale. I only received a substitute form 1099-S

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I dont have a k1 I am filing estate taxes on an estate financed vacant land sale. I only received a substitute form 1099-S

A K-1 is prepared as part of the estate return (1041). Each beneficiary is issued their own K-1 and this is reported on their individual 1040 returns.

Report the sale of the land under Other Income or Loss. Please follow these steps:

On the Income page, scroll down to the Other Income or Loss section and click the Start/Update box.
On the next screen, Other Income, enter the NET proceeds.

The information on the sale will flow to the K-1s for the beneficiaries.

[Edited | 4/10/2020 | 1:40pm PDT]

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I dont have a k1 I am filing estate taxes on an estate financed vacant land sale. I only received a substitute form 1099-S

A K-1 is prepared as part of the estate return (1041). Each beneficiary is issued their own K-1 and this is reported on their individual 1040 returns.

Report the sale of the land under Other Income or Loss. Please follow these steps:

On the Income page, scroll down to the Other Income or Loss section and click the Start/Update box.
On the next screen, Other Income, enter the NET proceeds.

The information on the sale will flow to the K-1s for the beneficiaries.

[Edited | 4/10/2020 | 1:40pm PDT]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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