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J
JML222
Level 5
January 28, 2024
Solved

1099S reporting

  • January 28, 2024
  • 1 reply
  • 11 views

Hello,

A client received a 1099S for land he inherited and immediately sold. Since the basis and sale price are the same there should be no tax impact but I think he still needs to report the transaction.

Is this correct? Since there isn't a 1099S in ProSeries, what is the most appropriate way to report the transaction?

TIA

This topic has been closed for replies.
Best answer by IRonMaN

Yes, it needs to be reported.  With closing costs, the sale will probably created a loss for him to report.  Go to the 1099B worksheet and enter it the same as you would a stock sale.

1 reply

IRonMaN
IRonMaNAnswer
Level 15
January 28, 2024

Yes, it needs to be reported.  With closing costs, the sale will probably created a loss for him to report.  Go to the 1099B worksheet and enter it the same as you would a stock sale.

Slava Ukraini!
    J
    JML222Author
    Level 5
    January 28, 2024

    Thank you!

      IRonMaN
      IRonMaN
      Level 15
      January 28, 2024

      You betcha!

      Slava Ukraini!
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