JML222
Level 5
01-28-2024
12:35 PM
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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
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IRonMaN
Level 15
01-28-2024
12:47 PM
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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!
