- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How to use 2021 Turbotax Deluxe to report Sale of Vacant Land in 2021
I am using 2021 Turbotax Deluxe and sold vacant lot in 2021. I assume that this version has the correct algorithms to calculate a land sale correctly, even though Turbotax says I need to upgrade. I would appreciate any help to confirm that the way I input my information (shown below) into this Deluxe version is providing a correct tax outcome.
1) went to "investment income"
2) went to "stocks, mutual funds, bonds, other"
3) answered no to having a 1099--B
4) checked "I'll enter one sale at a time"
5) For Description, entered "Sale of Land"
6) For Date Sold, entered closing date of me selling land
7) For Date Acquired, entered closing date when I bought the property
😎 For Sale Proceeds, I entered the "Gross Proceeds" from box 2 of my 1099-S
9) For Cost or other Basis, I entered the price I paid for the land when I bought it
10) For Holding Period, I entered long term since I had the property for ~17 years
ADDITIONAL QUESTION on point 8 above -- the value in box 2 of my 1099-S is the actual price I sold the lot for. Can I reduce this amount by the costs (i.e. realtor commissions and lawyer fees) associated with selling the land