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en_snipe2000
New Member

My fiance sold a bare piece of land in Texas for a profit, where do i put in the info and what can i deduct?

 
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HelenaC
New Member

My fiance sold a bare piece of land in Texas for a profit, where do i put in the info and what can i deduct?

You can deduct all your selling expenses. TurboTax will ask you for that information when you are entering the data on the sale.

The sale of land, inherited home or second house are entered in the investment section of TurboTax. Follow these instructions:

  1. Open your return in TurboTax.
    (To do this, sign in to TurboTax and click the orange Take me to my return button.)
  2. In the search box, search for sold second home (use this exact phrase) and then click the "Jump to" link in the search results.
  3. Answer Yes on the Did You Sell Any Investments in 2016? screen.
    • If you land on the Here's the investment sales info we have so far screen, click Add More Sales.
  4. Answer No to the 1099-B question.
  5. On the next screen, select Second Home (choose this also for inherited homes) or Land. Click Continue.
  6. Follow the on-screen instructions to completion.

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1 Reply
HelenaC
New Member

My fiance sold a bare piece of land in Texas for a profit, where do i put in the info and what can i deduct?

You can deduct all your selling expenses. TurboTax will ask you for that information when you are entering the data on the sale.

The sale of land, inherited home or second house are entered in the investment section of TurboTax. Follow these instructions:

  1. Open your return in TurboTax.
    (To do this, sign in to TurboTax and click the orange Take me to my return button.)
  2. In the search box, search for sold second home (use this exact phrase) and then click the "Jump to" link in the search results.
  3. Answer Yes on the Did You Sell Any Investments in 2016? screen.
    • If you land on the Here's the investment sales info we have so far screen, click Add More Sales.
  4. Answer No to the 1099-B question.
  5. On the next screen, select Second Home (choose this also for inherited homes) or Land. Click Continue.
  6. Follow the on-screen instructions to completion.
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