For a land sale, I have entered the proceeds from box 2 of the 1099-S. What goes under Total amount paid?
Residential lot purchased in 1977. Former residence, but has been vacant lot for 10 years.
02545
2 Replies
Carl
Level 15
May 7, 2021 8:25:44 PM
What goes under Total amount paid?
Total amounts paid you you I presume? That would be whatever your contracted sale price was.
jleastman
Level 2
May 8, 2021 12:49:46 PM
It turns out this is the total that WE paid for the property 30+ years ago. It's clumsily labeled and not presented in the order I would find logical, but it gets a sensible result. Problem solved.