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V
vickil45
Level 2
February 11, 2022
Question

1099s recd on sale of land attached to homestead to the state. How to report and how to find the basis

  • February 11, 2022
  • 1 reply
  • 6 views
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1 reply

dkh
dkh
Level 15
February 12, 2022

Can you give more detail...   

Your client received 1099-S for proceeds from land sale - correct?

This land is/was part of the principal residence property - correct?   

The state purchased the land ?

    V
    vickil45Author
    Level 2
    February 12, 2022

    Yes to all your questions

    dkh
    dkh
    Level 15
    February 13, 2022

    I'll tell you what I've done when I've had clients land purchased by the state for widening roadways. 

    I reported the sale proceeds and cost basis as same $$.   The taxpayer's principal property basis is then reduced by the sale proceeds.

     

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