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Can you tell me where I enter the amount from a 1099-S on my…

Can you tell me...

Can you tell me where I enter the amount from a 1099-S on my 1040

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I have a 1099-S showing income on the sale of farm property.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Nothing was withheld, and it is our share from the sale of family land, with mineral rights reserved.

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Answered in 1 minute by:
3/13/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,645
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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That is entered on form 8949 as a sale. You will need to know the cost (if inherited that would be the fair market value on the date you inherited).

You will only pay tax on the gain form this sale.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,645
Experience: 15years with H & R Block. Divisional leader, Instructor
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