@msargent , assuming that you still need help on this , that the land sold is in the USA ( not foreign), that you are US person, the following may help in your particular case:
(a) you need the details form both 1099-S and HUD-1 ( or similar included in your closing package)
(b) While in TurboTax ( with your return open ), select the personal income tab, then select "I'll choose what I work on "
(c) from the drop down list of possible incomes , go down to "Investment incomes". In this sub-group you will find "stocks,bonds ...", select the this ( right hand-side blue box). This will walk you through a series of screens looking for the following ( sometimes it may help to click the heading of the entry boxes and see the explanations. Note that this set of questions is trying to cover all sorts of investment assets that have been sold and therefore you pretty much have to behave as if you sold a lot of stocks/bonds and essential. What it is trying to get are the following : What the asset is ; When did you acquire the asset ; What was the cost / basis of the asset when you acquired the asset; What is the "Proceeds" from the sale ( here you have to use the 1099-S, the HUD-1 etc. for the final net figure excluding any loan settlement ). This will allow TurboTax to compute the gain/ loss to be computed ( form 8949 and schedule-D etc. )
(d) in my case I have TurboTax Home and Business and it is much easier to achieve the same thing by using the business income tab -- it handles undeveloped land sales , rental property sales etc, even with suspended losses. It is the cleanest way for such case.
I hope this helps -- if you have specific questions ( that may not be of general interest, you can always PM me with details of your situation and questions -- no Personally Identifiable Info though.
pk
