Sale of land gets reported in TurboTax as a
sale of an investment.
Please
follow the following steps to record the sale in TurboTax:
- Within your return, select
Federal Taxes tab
- Select Wages & Income tab
- On "Your income"
page, click Start button for Stocks, Mutual Funds, Bonds, Other
- On "Did you sell any
investments in 2018?", click on Yes button
- On next page, answer whether
or not you received a 1099-B or a brokerage statement for the sale
- On next page, "Choose
the type of investment you sold", select radio button for Land and
click on Continue button
- Enter the details of your
land sale on the next page, "Enter Land Sale Information" and
click on Continue button
- On next page, select radio
button for the way in which you acquired the land and click on Continue
button
- On next page, "Any
Business or Rental Use?", indicate how you used the land and click on
Continue button
- On next page, "Enter
Cost Information", enter Date Acquired and Original Cost and click on
Continue button
- TurboTax will then calculate
your gain on the investment in land, indicate whether it's short- or
long-term, and indicate your Proceeds and Cost Basis
- You can proceed further and
add any additional similar investment sales in like fashion
