You would still list it as an investment property. You will need to decide how much your cost basis in that one acre of land was by allocating what you paid for the entire property to that one acre of land. Many times you can do this using your real estate tax bill which will divide the land and improvements.
You would enter the sale of the land by selecting the following:
- Federal
- Income
- Show More next to Investment Income
- Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
- Select Other
- Continue through and select land for the type of investment
- Answer how you obtained it
- You will need to enter the selling price, dates and the cost basis
Note, your navigation sequence may be slightly different. You can also use the Jump to feature by entering investment sale in the search bar at the top of the screen.
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