it might be the way you report it. May I suggest a solution to your dilemma? Since this is vacant land.
- Log or open Turbo Tax
- Go to federal>income and expenses>investment income
- Stocks, Mutual Funds, Bonds, Other (1099-B)>start. Even though this isn't a stock transaction, you can still report it here.
- Answer yes to the first screen and for the second, select other. this includes land.
- The next screen will asked who brokered the deal. if you brokered it, you can say self-brokered.
- the next screen will say Now we’ll walk you through entering your sale details. Make sure you select land in the drop down box.
- Now start entering the details of your land sales. You may need to enter these sales as two separate sales so after you enter the first sale and come to a summary screen, there is an option to add another sale.
- Take not on the sale detail screen, there is an option to add your basis.
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