What do I do with a 1099-S?

Feb 13, 2017 3 Replies
F

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>


Vote
Twitter Facebook LinkedIn
I

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

Vote
Twitter Facebook LinkedIn
F

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

Vote
Twitter Facebook LinkedIn
B

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

Vote
Twitter Facebook LinkedIn

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required