In TurboTax Business for Form 1041, rental activity is reported under Federal Taxes >> Income >> Rentals and Royalties. Set up the property, add income, expenses, and the depreciable assets. Then go back the property profile and report that it was sold. TurboTax will lead you through the entries. As a rental home, this transaction cannot be reported under "Home Sales."
Report the raw land sales under Federal Taxes >> Income >> Stocks, Mutual Funds, Bonds, etc. using "No Financial Institution" as the institution name.
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