Investors & landlords

The sale of vacant land (and a host of other investments) is reported in the Stocks, Mutual Funds, Bonds and Other interview of Investment Income. It is the sale of an investment NOT reported on Form 1099-B. See the two screenshots below to see what these screens look like,

Your cost basis is either what you paid for the property or, if gifted to you, what the donor paid for the property. If you inherited the property, your cost basis would be the FMV of the property on the date of the previous owner's passing. If you don't have that information you would have to make a good-faith effort to determine the basis - if the local tax authority doesn't have any records, checking with a local realtor can sometimes help

 Closing costs are reported as expenses.