1099-S

[kathyyocum]

We are in the middle of doing our taxes and our turbo tax program has a section 1099-B and 1099-S. It is going through the steps for the 1099-B but does not go into the 1099-S section and I am not sure why. We sold vacant land. Not a business property. Need help

Kathy Yocum

[JulieS]

The sale of vacant land that is not used for business, goes in the same section as 1099-B transactions go.

Here is how to enter it step by step:

1. Select Federal from the left side menu.
2. Select Wages and Income toward the top left.
3. Scroll down/ expand the list and look for Investment Income
4. Find Stocks, Mutual Funds, Bonds, Other and click on Start or Update to the right. 
5. On the screen titled,  Did you get a 1099-B or brokerage statement for these sales? answer No.
6. On the screen titled, Tell us about this sale, answer I'll enter one sale at a time. 
7. Fill in your information about the sale.
8. For Holding period, select C for property owned for one year or less  and F for property owned for more than one year.