If I put the sales amount from the 1099-S on Line 21, what is supposed to go on line 24 of the worksheet? If I put the value of the land from the tax bill in there wont it make the sale that much higher? Or am I supposed to reduce line 21 by the amount of the land?
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Lines 21 and 24 are separate - do not include in line 21 any amount of the total sales price attributable to land. If the 1099-S is the total sales price then divvy it up between lines 21 & 24 as best you can.
Lines 21 and 24 are separate - do not include in line 21 any amount of the total sales price attributable to land. If the 1099-S is the total sales price then divvy it up between lines 21 & 24 as best you can.
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