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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?

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1 Best answer

Accepted Solutions
Vanessa A
Employee Tax Expert

Form 10999

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.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
Vanessa A
Employee Tax Expert

Form 10999

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.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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