Second time posted I sold Two pieces vacant land for investment in 2019, held both well over 2 yrs. Premiere doesn't allow me to put in my cost basis on vacant land sold.

Forum|Forum|6 years ago
February 2, 2020
2 replies
28 views

The land was held for investment both well over 2-3 yrs. Got 1099 for one but not the other. Do I need to upgrade? or with the new tax laws is this cost basis write-off now gone?

TurboTax Premier Online

Best answer by ColeenD3

I am including a screen shot of the entry page. Enter your basis in the last box.

ColeenD3Answer

Level 15

I am including a screen shot of the entry page. Enter your basis in the last box.

Nogaruo

Level 2

I have the same problem. I keep asking but no reply is relevant

DaveF1006

Level 15

it might be the way you report it. May I suggest a solution to your dilemma? Since this is vacant land.

Log or open Turbo Tax
Go to federal>income and expenses>investment income
Stocks, Mutual Funds, Bonds, Other (1099-B)>start. Even though this isn't a stock transaction, you can still report it here.
Answer yes to the first screen and for the second, select other. this includes land.
The next screen will asked who brokered the deal. if you brokered it, you can say self-brokered.
the next screen will say Now we’ll walk you through entering your sale details. Make sure you select land in the drop down box.
Now start entering the details of your land sales. You may need to enter these sales as two separate sales so after you enter the first sale and come to a summary screen, there is an option to add another sale.
Take not on the sale detail screen, there is an option to add your basis.

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