You must report the sale of vacant land as a capital gain or loss. Form 8949, "Sales and Other Dispositions of Capital Assets," is used to figure the amount of gain or loss from the sale.
You cannot report it in the (Online) Deluxe version; you have to upgrade to Premier.
To report the sale :
- Select Federal Taxes tab,
- Go to Wages & Income
- scroll down to Investment Income
- Select Stocks, Mutual Funds, Bonds, Other.
- Respond "yes" to Did you sell any investments?
- You'll then be asked Did you get a 1099-B or brokerage statement?
- you'll answer "no." Then you'll be shown a list of various investment sales and you'll select "land."
- You'll be taken to the screen that says Enter Land Sale Information and you'll be able to enter your information.
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