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Yes, you need to report the 1099-S on your tax return even though the result of the sale was a loss. (If you don't report the sale, the IRS may assume the $10,000 was gain.)
To report the sale of land:
Note: If using the TurboTax CD/Download software, you'll use the Find function (instead of "My Account") to search for the topic.
Please see the FAQ below for more information, including where to report a 1099-S for sale of real estate other than land.
Where do I enter Form 1099-S? https://ttlc.intuit.com/replies/3302480Still have questions?
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