How To Enter 1099S Raw Land Sale in TurboTax Business

[lshonnold]

I need to enter a 1099s for a raw land sale for my father's final trust. Everything I see online talks about "jumping" to a link, but it doesn't appear that TurboTax Business has that functionality or I cannot find it. 

I could enter it as a second home, but it didn't have a home on it; is that a problem? I would appreciate any guidance! Thanks much!

[Carl]

Nowhere on any tax return are you asked for or required to enter a 1099-S. But the fact you received a 1099-S reporting proceeds paid to you, means that you are required to report the sale. Understand that the 1099-S means nothing for your tax return itself. The gross proceeds reported as paid to you on that 1099-S more than likely will not be anywhere close to what is taxable income.

The sale of raw land is reported in the investments section.

If the 1099-S was issued to you personally, then you'll find investments under the personal income tab.

If the 1099-S was issued to the trust or estate, then the sale is reported on the 1041 trust/estate return.

[Anonymous_]

In TurboTax Business:

Federal Taxes tab>>Income>>Stocks, Mutual Funds, Bonds, Other

[lshonnold]

....so entering land sales where you normally enter 1099B info? Does it matter that I am unable to detail sale expenses other than lumped in one amount?

[Anonymous_]

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@lshonnold wrote:

Does it matter that I am unable to detail sale expenses other than lumped in one amount?

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No, it does not. You can simply enter all of your selling expenses as one figure.

[lshonnold]

Thanks tons! I am finished. 😀

[hlahti]

I haven't read anywhere how to enter the sale of raw land which was reported on a 1099-S to our trust.

I read that if it is a revocable trust it has to be reported with the  personal tax filing.  But there is no where in Turbo TAx to put it.  So far I've researched the question and have not received any doable answers.  Search does not take to it only to other questions.

[Critter-3]

https://ttlc.intuit.com/turbotax-support/en-us/help-article/real-property/enter-sale-second-home-inh...