KrisD15
Expert Alumni

Deductions & credits

The TurboTax programs each differ slightly when entering the sale of land. 

No matter which program you use, that sale is reported on Schedule D as a Capital Gain (or loss).

 

Enter under 

Personal Income

Stocks, Mutual Funds, Bonds, Other (some programs include Crypto)

Select NO to having a 1099-B

Select that you want to enter one sale at a time

Either select Land from the drop-down if available, or type LAND in the description box

Enter the date sold and sale proceeds using your 1099-S

Enter the date you bought the land

Enter your cost and the cost of improvements as the "Cost or other basis"

Select "Long-term" if you owned the land for more than one year  (Short-term is one year or less) 

Continue through three screens to "Select any less common adjustments that apply" and select "The reported sales price did not deduct all fees or selling expenses"

Enter the additional fees in the dialog box which appears. 

 

If sold at a gain, the income will be listed on Schedule D and flow to your 1040 Line 7

@kkmoss 

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