You will need to report your proportional share of the sale of this land as the sale of a capital asset on your tax return.
To enter the sale of
a capital asset in TurboTax, log into your tax return (for TurboTax Online
sign-in, click Here and click on
"Take me to my return") type "investment
sales" in the search bar then select "jump to investment sales". TurboTax will guide you in
entering this information.
- Choose “Stocks, Mutual Funds,
Bonds, Other” and select “start’ (or “update” is you have already worked
on this section)
- The first screen will ask if
you sold any investments during the current tax year (This includes any
sale of real property held as an investment property so answer “yes” to
this question)
- Since you did not receive a
1099-B, answer “no” to the 1099-B question
- Choose type of investment you
sold - select Land
- Some basic information:
- Description –
Usually the address of the property sold
- Sales Proceeds – Your proportional share of net
proceeds from the sale
- Date Sold – Date you sold
the property
- Tell us how you acquired the
property - purchased
- Any business or rental use? -
if no, then select personal use only
- Some Basis information
- Date Acquired
- Original cost basis - your proportional share of cost basis.
