No, this doesn't appear to be correct. When you do this, there's a warning at the top that, once you select "Land (other investment purpose)", it says: "If this investment was used for business (rental, business expense, farm, etc.), don't report it here. Go to the Sale of Business Property section and report this investment there." Unless Turbo Tax internal is leading us astray.
Edit: Looks like the question was for personal use whereas I'm looking for answers for rental, so the answer does actually answer the posed question, doesn't answer mine though, still looking.
