To report the sale of the unimproved land in TurboTax Desktop Deluxe version,
- Enter '1099-sale of home' in the magnifying glass Search in the upper right hand corner of the screen. Enter.
- Click on 'Jump to sale of home'.
The entry is awkward because you are not selling a home. But the questions do ask whether you received an IRS Form 1099-S. Enter Yes.
The sale will be reported on IRS Form 8949 and Schedule D.
K-3 reporting is unclear.
The IRS announced on February 16, 2022 that most K-3 reporting for 2021 can be delayed until the 2022 tax return filing, but they have not indicated how individual taxpayers should proceed.
This is an extract of the IRS announcement:
"The IRS intends to provide certain additional transition relief for this year from the Schedule K-2 and K-3 reporting for certain domestic partnerships and S corporations with no foreign activities, foreign partners or shareholders, and without knowledge of partner or shareholder need for information on items of international relevance. For 2021, these qualifying domestic partnerships and S corporations will not have to file the new schedules. We are taking this step in response to feedback we received from the tax community and our stakeholders. The IRS will provide full details of this relief soon."
Some are choosing to "uncheck" the box indicating that a K-3 is attached so you can file now. But in that case, you may need to amend your tax return at a later time.
See also this IRS FAQ.
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