Assuming the three of you had equal ownership, you would report one third of the sale. For instance, if one of the properties had a cost basis of $150,000 and it was sold for $300,000, then you would report a sale of $100,000 with a cost basis of $50,000.
You will report that in the same section in which you report stock and other investment sales. To enter:
- Type "Investment sales" in the search window and click Enter
- Click on "Jump to Investment sales"
- On the page with "Did you sell any investments in 2020?" Answer Yes
- Answer "Other" to "OK, what type of investments did you sell?" and click Continue
- Enter the name of the person or firm that brokered this sale
- On the page with "Now we’ll walk you through entering your sale details" for "What type of investment you sold" Indicate "Land (personal use) "
- Indicate "How did you receive this investment?
- Enter the details of the sale, and the interview will walk you through entering the details of the sale
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