Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 7, 2020 12:40:04 PM

I sold a 1 acre of bare land and made a profit. how do I report this and what form do I use.?

where do i go from this?

0 1 140
1 Replies
Expert Alumni
Apr 7, 2020 1:04:50 PM

You can enter the sale of land by following these steps:

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income on top of the screen
  3. Scroll down to All Income, locate the section Investment Income and click on Show more
  4. Click Start next to Stocks, Mutual Funds, Bonds, Other
  5. Answer Yes to the question: Did you sell any investments?
  6. Answer No to the question: Did you receive a form 1099-B or brokerage statement?
  7. Select Land from the list of investments.
  8. Follow the TurboTax interview to enter your information. If you incurred sale expenses, you can subtract them from the proceeds.