You may have to upgrade from Deluxe to Premium to report a Schedule D transaction.
Are you selling your main home or are you selling investment land adjacent to your home?
For instance, did you buy a vacant lot adjacent to your main home? Now you are selling the investment property?
If that is the case, to report the sale of land as investment property, follow these directions.
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- You may need to click Add more income.
- Scroll down to Investments and Savings, click on the dropdown menu.
- Click Start/Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
- Click Add investments.
- At the screen Let’s import your tax info, select Enter a different way.
- At the screen OK, let’s start with one investment type, select Other. Click Continue.
- At the screen Tell us more about this sale, enter “Land” or an appropriate description. Click Continue.
- At the screen Now, enter one sale…, enter the sale information.
- At Tax Tools / Print Center, view Schedule D / IRS form 8949 to review the entry.
To report a sale of your personal home, enter ‘sale of home’ in the search box in the upper right hand corner of the screen. Select Jump to sale of home.
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