Form 1099S Question

[DoninGA]

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@Steveford wrote:

received 1099-s for timber sales.  Where do I report it?

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See this TurboTax support FAQ for the sale of timber - https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-income-from-a-timber-sale...

[thomas040219]

where do I report income on a form 1099S for easement sale.

[Hal_Al]

You don't usually report payment for an easement or damages.  You  only reduce your cost basis in the remaining property, by the amount you received, for when the property is sold in the future. But, if you got the 1099-S, it must be reported on your tax return, but it is most likely not taxable.

Report the 1099-S amount as sale proceeds, then show the same amount  as your basis, for a net gain of $0. On your own records, reduce your cost basis by that amount for future sale. 

TurboTax does not have an entry point for a 1099-S (other than home sale). So,  In TurboTax (TT), enter at:
- Federal Taxes tab
 - Wages & Income
Scroll down to:
-Investment Income
   -Stocks, mutual funds, Bonds, Other (Real estate is other)

[capickett71]

This is for a 1099-B but I didn't have an investment like its asking me to fill out a sch D form now

I did the proceeds for the amount given to  the easement work and the proceeds and cost the same to total zero  

it asked for dates of sale etc. so is it a short term sale or a long term this doesn't seem right to me. i didn't sell anything?

is short term sale more tax penalty

[Hal_Al]

@capickett71  This is a workaround because there is no entry place for a 1099-S. Answer no, when asked if you got a 1099-B.  Enter it as long term.  For acquisition date, use the date you bought the property.  For date of "sale" use the date you got the money. 

[capickett71]

When Im answering the questions it asked me what the description is  of  property 

IS that the name of utility company  i put for an easment or payment for easment work or do i put my address  as a description of the property

[Hal_Al]

It's optional.  Use what best describes the situation, e.g. "easement on home property". 

[elauby]

I sold commercial timber under a current Agriculture Timber land.  I was told this would be reported on Sch D for 50% of the income.  Can you guide me where and how I report the 1099S Sale of commercial timber?

[PatriciaV]

The sale of timber is reported in the Investments section under Federal Income, and will appear on Schedule D.

Follow these instructions. Don't enter the sale in the 1099-S or 1099-MISC section or you'll go down the wrong path.

On the Choose the type of investment you sold screen, you'll want to select Everything else, located at the bottom of the screen. For your cost basis, most people will enter a 0, but you could enter what you originally paid for the seedlings or saplings.

Tip: TurboTax doesn't support IRS Form T (Timber), but the good news is that you probably don't need this form. According to the IRS, it's only needed "...when a sale or deemed sale under sections 631(a), 631(b), or other exchange has occurred during the tax year." See the IRS instructions for Form T.

@elauby

[bede4650]

Where do I enter 1099-S

[bede4650]

An inherited vacation home

[bede4650]

I did not purchase the property.  I inherited when my mother died

[Hal_Al]

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in  Home & Business)

 - Wages & Income

Scroll down to:

-Investment Income

   -Stocks, mutual funds, Bonds, Other (Real estate is other)

Answer no, when asked if you got a 1099-B. then follow the interview.

  For date acquired, enter INHERITED

 For cost Basis enter the Fair Market Value (FMV) on the date of death

On the screen titled "Select any less common adjustments that apply," check "Any loss form this sale is not                    deductible

[henrytetzlaff]

where do I enter 1099-s infrmation on my tax return?

[henrytetzlaff]

land