You'll report it as the sale of an investment property. In TurboTax scroll down in the wages and income section of your federal return until you get to 'Investment Income'. Click 'start' next to 'Stocks, Cryptocurrency, Mutual Funds, Bonds, Other' (you're the other). Enter the sale as a sale of an investment.
You'll need to try and figure out what you all paid for the building in order to have a basis. I know you said those records were destroyed but you will have to come up with a good faith estimate or something. Whatever you do keep a record of how you arrived at the number in case there are any questions later.
You will also be asked about the costs of the sale. This is where you enter the fees that the borough and the conservator charged. You can also enter legal fees or any other expenses here that were related to the sale.
@anon30
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
