The sale of land is listed as investment income.
Please follow the following steps to record the sale in TurboTax:
Click on Federal > Wages & Income
-
- Click on the Wages & Income tab
- Next click on I'll choose what I work on
- Scroll down the screen until you come to the section Investment Income
- Chose Stocks, Mutual Funds, Bonds, Other and select Start or Update
- The first screen will ask if you sold any investments during the year, answer
- Did you get a 1099-B or a brokerage statement for these sales? Answer No
- Tell us about this sale, Click I'll enter one sale at a time
- The drop-down boxes can be filled out with the details of the land sale
- Description - Land with general location or address
- Date sold - your records
- Date acquired - from your records
- Cost basis - cost of the land plus expenses from the settlement statement
The expenses below are added to the basis. Just because something was on the closing statement, it doesn't mean that you can include it.
- Title fees
- real estate commissions
- documentary stamps
- credit report costs
- costs of an abstract
- transfer taxes
- home inspection
- flood certificate
- attorney fees, etc.
@Liz5775
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