Form 10999

[Francis 12]

The buyer of my bare land reported the sale a Misc Form1099. This form does no allow me to deduct my bases. How do I deduct my bases?

[Vanessa A · Accepted solution]

You will enter it as investment property instead of as a 1099-Misc. 

• Federal
• Income
• Show More next to Investment Income
• Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) 
• Select Other
• Continue through and select land  for the type of investment
• Answer how you received the items
• Then you can enter the selling price, dates and the cost basis for the items you sold.