Investment property. Land held as investment property is a capital asset, and a gain or loss from its sale or exchange is a capital gain or loss.
Please enter your Timber Sale as follows:
1. In TurboTax, search for this exact phrase: land sale.
2. In the search results, click Jump to land sale, which should be at the top of your search results.
3. Answer Yes on the Did you sell stocks, mutual funds, bonds or other investments in 2020? screen.
o If you get the Your investment sales summary screen instead, select Add More Sales.
4. On the OK, what type of investments did you sell? screen, select Other and continue.
5. On the Tell us more about this sale screen, enter the requested information and continue.
6. On the Now we’ll walk you through entering your sale details screen, in the What type of investment did you sell? box, scroll down to Land (other investment purpose).
7. Continue entering the requested information until complete.
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