You will simply add the improvement value to the cost basis, and reduce the realized profit.
In TurboTax Online, you can enter the sale of land by following these steps:
- Open your tax return
- Click on Federal in the left-hand column,
- Then on Wages & Income
- choose Investments and Savings and click on the down arrow on the right
- Click on Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
- Did you sell any investments?
- yes
- Did you receive a form 1099-B or brokerage statement?
- No
- Select Other (other investment purpose) from the list of investments.
- Follow the TurboTax interview to enter your information.
- If you incur sale expenses, you can subtract them from the proceeds.
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