A property such as you describe is considered an investment property and is reported as follows in TurboTax;
- In your open Federal return, select Wages & Income
- Scroll down to Investment Income and Show more
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Start/Revisit Stocks, Mutual Funds,
Bonds, Other
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Add a sale and answer No to Did you get a 1099-B or a brokerage statement for these sales?
- On the next page Choose the type of investment you sold, select the radio button for Land and Continue
- You are now in the interview to report the sale of your lot.
