The sale of inherited land is reported as a sale of an investment.
To enter the information in the TurboTax Desktop:
- Click on Federal
- go to Wages & Income
- 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.
- If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX? Click the Yes box.
- Answer No on the screen, Did you get a 1099-B or brokerage statement…”
- On the screen, Choose the type of investment you sold, mark the button for Land and click Continue.
- On the next screen, enter the land sale information. Be sure to enter the net proceeds and mark whether income taxes were withheld or not.
- Continue through the screens, entering the requested information.
You need TurboTax premier or higher to enter the sale of Investment
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