The sale is reported on IRS Schedule D. If you do not have a basis, report $0 basis and the proceeds that you received. In TurboTax Online, follow these directions.
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- You may need to click Add more income.
- Scroll down to Investments and Savings, click on the dropdown menu.
- Click Start/Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
- Click Add investments.
- At the screen Let’s import your tax info, select Enter a different way.
- At the screen OK, let’s start with one investment type, select Other. Click Continue.
- At the screen Tell us more about this sale, enter “Land” or an appropriate description. Click Continue.
- At the screen Now, enter one sale…, enter the sale information.
- At Tax Tools / Print Center, view Schedule D / IRS form 8949 to review the entry.
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