1099S reporting

[JML222]

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

[IRonMaN · Accepted solution]

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.

[JML222]

Thank you!

[IRonMaN]

You betcha!