In Turbo Tax, the sale will be entered in the Investment section (unless you are a real estate professional, then it would be entered on Schedule C).
• Select Federal Taxes
• Select Wages and Income
• Select Show More at Investment Income
• Select Start at Stocks, Mutual Funds, Bonds, Other
• Respond Yes – you sold something
• Respond No – you did not receive a 1099B
• Choose Land as the asset sold
Your basis in the property sold will be the Fair Market Value on the date it was gifted to you.
