Report the home sale as a sale of investment property, unless you are in a business of regularly building and selling houses.
I’m assuming this is not the case since you mentioned business investments.
Here’s how to enter the sale in 2019 TurboTax CD/Download:
- Type 1099-b in Search
- Select Jump to 1099-b
- On “Did you sell any investments in 2019?” say YES
- On “Did you get a 1099-B or a brokerage statement for these sales?” say NO
- On “Choose the type of investment you sold” select Everything Else
- Fill in “Some Basic Info About This Sale"
- On “Tell Us How You Acquired This Property” select Other method
- On "Enter Cost Information," enter the Cost Basis and Date of Acquisition (for the land)
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