To report the sale of land in TurboTax, please follow these steps:
- Open or continue your return in TurboTax.
- In the Search box type "investment sales".
- Click the "Jump to investment sales" link in the search results.
- Answer Yes to “Did you sell stocks, mutual funds, bonds or other investments in 2020?”
- On the next screen Click on “Other”.
- On the Screen “Tell us more about this sale” type in 2nd Home and Click on Continue.
- On the “Now We’ll walk you through entering your sale details”, under “What type of investment did you sell?” Select 2nd Home in the dropdown.
- Continue to enter the requested information on the screen(s).
Since you owned this home with your sister, you would be allowed to take 50% of basis as the cost of the property and your sister would use 50% on her taxes.
