WHAT LETTER DO I USE ON THE SCHEDULE D FOR THE SALE OF GROUND

[470pitt]

What letter do I put for the sale of ground on the shedule d

[BobKamman]

Is "ground" what they call "farmland" in your neck of the woods?  Maybe this should go on Form 4797?

[Camp1040]

Maybe it is unimproved vacant land. Come on Bob, I thought you excelled at mind reading!

[IRonMaN]

Schedule C here ------------------ I interpret sale of ground as the sale of dirt 😁

[BobKamman]

Just because I know the Eagles are going to win by 11, doesn't mean there are grounds for me to know what is meant here.  

[BobKamman]

So, what depletion percentage would you use for that?

Or maybe you are referring to the recent sale of the National Enquirer. 

[IRonMaN]

I thought you said 11 - or were you talking football instead of taxes? 😜

[470pitt]

no it is not farmland it is land they had and sold to people who are going to build a house

[Camp1040]

I would say long term capital gain, unless they are in the business of selling land and they have lots that are inventory then ordinary gain. It does sound like private land, I quess the letter is L for long term with basis not supplied to the IRS, not sure about the 1099-S or B question.

[470pitt]

Yes this was a 1099-s but the choices on the schedule d are only a thru f 

[Camp1040]

The letters you are referring to are exceptions, just enter the sale in the worsheet and say yes for 1099-B even though it is a 1099-S.

[470pitt]

Thank you so much for this answer