You will report the sale of the land by:
- Click on Federal > Wages & Income.
- In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other. You will report the Gross Sale proceeds in this section.
- Based on what you report in Turbo Tax, Turbo Tax will determine your gain/profit.
- You need to save your documents along with your 2020 tax returns but you do not need to send these to the IRS.
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