Get your taxes done using TurboTax

Enter the sale manually In TurboTax Premium Online.  Proceeds of sale is the amount reported on the 1099-MISC.  Cost or other basis is the cost basis assigned to the land.

Follow these steps:

1. Down the left side of the screen, click Federal.
2. Down the left side of the screen, click Wages & Income.
3. Click the down arrow to the right of Investments and Savings.
4. Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
5. Click Add investments.
6. On the Let's import your tax info screen, select Enter a different way.
7. On the OK, let's start with one investment type screen, select Other, then Continue.
8. At the screen Tell us more about this sale, enter the information.  Click Continue.
9. On the screen Now, enter one sale, enter the details of the sale.  Select Continue.
10. Select Add another sale to add another transaction.

If the IRS form 1099-MISC is entered, reverse the entry as follows:

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Click the down arrow to the right of Less Common Income.
• Click to the right of Miscellaneous income….
• Click to the right of Other reportable income.
• At the screen Any Other Taxable Income enter Yes.
• At the screen Other Taxable Income enter a description and the income with a negative number.