Yes, you can report the sale of land on your tax return in TurboTax Online. Here's how to do it:
- Sign in to TurboTax.
- Select Income & Expenses.
- Select Start or Update to the right of Stocks, Cryptocurrency, Bonds, Mutual Funds, Other, which is under Investments and Savings.
- Answer the first question Yes, or if you already have sales here, select Add more sales.
- Select Enter a different way.
- Select the Other tile, then Continue.
- Enter Vacant land, or other description, as the name, then select Continue.
- For type, select Land (personal use) or Land (investment use).
- For the next few boxes enter the information from your 1099-S.
- Answer the remaining questions according to your situation.
- On the screen Let us know if any of these situations apply to this sale, select I paid sales expenses that aren't included in the sale proceeds reported on the form, then Continue.
- Enter the closing costs you had to pay to sell the property.
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