Assuming the land was a personal asset, you need to report the sale of the land, as it will be considered taxable capital gains. Under the Federal menu on TurboTax Online, click Wages & Income. Expand the menu for Investment Income. Click Start/Revisit next to Stocks, Mutual Funds, Bonds, Other. Either Add more sales or begin answering the questions on the screens provided.
In Tell us more about this sale, you can enter Land or the address. Click Continue. Land is one of the options in the What type of investment did you sell? dropdown menu. From there, continue entering information about the land sale. Unless the purchase of the new land was a business asset, it does not need to be recorded until the year of sale.
The gain on the sale of the land will be reported and taxed as capital gains on Form 8949 and Schedule D.
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