If you enter information for the sale into TurboTax, the program will determine what portion of the proceeds are taxable. If there was other income related to the sale that you believe is nontaxable, please add specific information to this thread.
To report the sale of inherited land:
- Open your return and go to Wages & Income >> Stocks, Cryptocurrency, etc.
- Add a new investment (at the bottom), choosing "Other" investment type.
- Enter a description like "Inherited Farm Land"
- Type: Other
- Inherited it (important - it's always considered held long term which provides a special tax break)
- Description: Address is a good choice
- Dates of sale
- Proceeds from Form 1099-S (if any)
- Fair Market Value (read "Learn More" link)
- Enter sales expenses (if any)
- Review the result of gain from your entries.
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