IRS form 1099-S Proceeds from Real Estate Transactions may report the sale of land held as an investment.
In TurboTax Premium Online, follow these steps to report the sale:
- Click on the Search magnifying glass and enter sale of second home.
- Click on the Jump to sale of second home link.
- At the screen Let's finish pulling in your investment income, click on Add investments.
- At the screen Let's import your tax info, click on Enter a different way.
- At the screen OK, let's start with one investment type, select Other and click Continue.
- At the screen Tell us more about this sale, enter the name. Click Continue.
- At the screen Now, enter one sale….., enter the information. Select Land (other investment purpose). Click Continue.
- At the screen Let us know if any of these situations apply to this sale, answer as appropriate. Click Continue.
The entry will be reported:
- on Schedule D of the Federal 1040 tax return, and
- on line 7 of the Federal 1040 tax return.
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