Yes, if you sold land (unless it was used for business) it should be reported as an asset sale on Schedule D. To report the sale you will enter this under the Investment
Income area of Wages & Income:
- Click on Search
- In the Search Window type "Capital Gain"
- Click on "Jump to Schedule D"
- Click on "+Add More Sales
- Answer No To "Did you get a 1099-B or a brokerage statement for these sales?"
- Type of Investment:
Everything Else
- Enter a description, Net
Proceeds and date of sale
- Acquired: Purchase
- Cost Basis: your investment
basis at dissolution
- Date of Acquisition: date you
made your investment
TurboTax will
calculate the gain or loss on this investment and determine if it was short- or
long-term.
