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View Full Version : Where does 1099S income appear on 1040 form


EddieL
Feb 15, 2010, 07:00 AM
Due to highway work in front of our home, the state of Louisiana increased their right of way and paid me for the land. I received a 1099S form, and I can't figure out where it should be reported on the 1040 form. Any help would be appreciated

ebaines
Feb 15, 2010, 07:34 AM
The 1099-S form documents the sale of your property. It lists the selling price, but not the actual income (if any) that you must report. If you have a capital gain on the sale, then you report the gain on Schedule D. Your capital gain is the difference between what you received for the sale and your cost basis for that portion of land. However, if this piece of property was a part of your principal residence, you may be eligible to exclude any capital gain up to $500K.