No.
The sale of farm land is capital gain income and it will show on schedule D and form 8949. To enter the sale in TurboTax, go to:
- Go to the Federal Taxes category at the top of the window.
- Choose the Wages and Income subcategory.
- In the list of "Your Income", find the section labeled "Investment Income" and click "Show More". If the Investment Income is not there, there should be an option to "Add Income" which will generate a larger list.
- Click start or update next to Stocks, Bonds, Mutual Funds, Other.
- Answer yes to the question "Did you sell any investments in 2016?"
- You will need to upgrade to TurboTax Premier at this point.
- Answer no, you did not receive a 1099-B.
- Choose Land as the investment you sold.
- Enter your sales proceeds and cost basis information in the subsequent screens and complete.
