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What do I do with a 1099-S?

I sold some land I intended to build on, but never did. If you ignore the real estate tax (as I understand I must...) I made money on it and have entered it on Schedule D.

Today I got a 1099-S. Do I have to enter the information from the 1099-S anywhere, as I would on a 1099-Int, or is just showing the sale on schedule D adequate? If so, where is the information entered?

Thanks.

I sold a similar property 5 years ago and never got a 1099-S (but did show the profit on sched D). Is this something new, or this the fail to issue it on the first one>

Reply to
Frustrated
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A 1099-S is used to report the sales proceeds from real estate. The amount on the 1099-S should equal the amount you entered on Schedule D.

Ira Smilovitz, EA

Reply to
ira smilovitz

It does. So I don't have to enter their address or Tax ID number anywhere, like I would on other 1099s?

Reply to
Frustrated

That's right. You don't have to enter any of the other information from the 1099-S. Showing the sale on Form 8949 and Schedule D is all you have to do. There is no place on your tax return to enter the names, addresses, and tax ID numbers from the 1099-S.

You said you entered the sale on Schedule D. I assume you mean that you entered it on Form 8949 and carried the totals from Form 8949 to Schedule D.

Bob Sandler

Reply to
Bob Sandler

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