You would report the sale of vacant land as a an investment sale.
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.
If you received a 1099-S form enter the amount of gross proceed as it is on the form then add the deductions/expenses to the cost basis of the land
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