Business & farm

A land sale is considered a sale of an investment.  To report this in TurboTax, please follow these steps:

TurboTax CD/Download

1. Click on Federal > Wages & Income
2. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
3. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 2020?  Click the Yes box.
4. On the screen, Did you get a 1099-B... click the No box.
5. On the Tell us about this sale screen, mark the radio button I'll enter one sale at a time and click Continue.
6. Enter the information in the boxes that appear.
7. If you inherited this land, in the Holding Period box, select Long term.  
8. If you did not enter net proceeds on the previous screen, you can enter the expenses on the screen, Select any less common adjustments that apply.  
9. Mark the box The reported sales price did not deduct all fees or selling expenses and enter the expenses in the box that appears.

TurboTax Online

1. Click on Federal > Wages & Income
2. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
3. If you haven't yet entered some investment sales, you will see a screen Did you sell stocks, mutual funds, bonds, or other investments in 2020?  Click the Yes box.
4. On the screen, OK, what type of investments did you sell? mark the Other box and click Continue.
5. On the screen, 

   Now we’ll walk you through entering your sale details, select Land (personal use)  or Land (other investment purpose).

6. In the How did you receive this investment box, select I inherited it.

7. In the Proceeds box you can either enter the net amount OR enter the gross amount and mark the box on the  next screen, I paid sales expenses that aren't included in the sale proceeds reported on the form.  Enter the sales expenses in the box that appears.

@MarkLeBlanc