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What form do I use to file a 1099-S for a sale of property from my mom's estate using the estate EIN?

 
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7 Replies
IreneS
Intuit Alumni

What form do I use to file a 1099-S for a sale of property from my mom's estate using the estate EIN?

Are you preparing a return for the estate or your own personal return (1040)?
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What form do I use to file a 1099-S for a sale of property from my mom's estate using the estate EIN?

For the estate.

What form do I use to file a 1099-S for a sale of property from my mom's estate using the estate EIN?

For the estate.
IreneS
Intuit Alumni

What form do I use to file a 1099-S for a sale of property from my mom's estate using the estate EIN?

There is no entry screen for the 1099-S, but you can enter the sale of your mother's house in the 1041 return using these steps:

  1. Click Federal Taxes > Continue.
  2. On the Your Income screen, in the Investment Income section, click the Start/Update box next to Home Sales.
  3. On the Home Sale screen, click Yes.
  4. Continue through the screens, enter the information on the sale.


To enter the sale of land, please follow these steps:

  1. Click Federal Taxes > Continue.
  2. On the Your Income screen, in the Investment Income section, click the Start/Update box next to Stocks, Mutual Funds, Bonds, Other.
  3. On the screen, Did You Sell  Any Stocks, Bonds, or Mutual Funds in 2018, click Yes.
  4. On the next screen, Investments Acquired from a Decedent, mark the Yes radio button and click Continue.
  5. On the Select Your Financial Institution screen, select No Financial Institution from the list and click Continue.
  6. On the next screen, enter the details of the sale.  [Ignore the last two columns.]
  7. On the screen, Investments Acquired from a Decedent click the Acquired from Decedent box next to the land sale and click Done.

It's important that you indicate that the land was "acquired from a decedent" because the sale will then be taxed as long-term instead of short-term resulting in a lower tax rate.


[Edited 4/4/2019 7:41 am PDT]
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What form do I use to file a 1099-S for a sale of property from my mom's estate using the estate EIN?

Not sure if it makes a difference but it was actually a piece of land that had no home on it. Would I still enter the same thing or is there an option for just a land sale. Thanks
IreneS
Intuit Alumni

What form do I use to file a 1099-S for a sale of property from my mom's estate using the estate EIN?

I have added instructions for entering a land sale to my original answer.  The method is similar, but with a few "tweaks."
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rose1
Returning Member

What form do I use to file a 1099-S for a sale of property from my mom's estate using the estate EIN?

Thank you. Just a quick follow up. Is there a minimum amount for the Gross Proceeds in order to have to file? Or do you have to file no matter what the amount. The land sold for $20,000. That is all we have to report for the estate last year.
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