Form 10999

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?

Best answer by Vanessa A

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.

Level 15

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.

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