Expert Reviewed You and your friend will report your share of the sale as a sale of investment property. For example, if you were 50/50 investors, you would each report a sale price of $12,500 and cost of $3,250. Since you made a profit and owned the land for more than a year, you would each pay capital gains tax. In TurboTax Premier: Type land sale in Search in the upper right Select Jump to land sale Say YES to Did you have investment income in 2022? Continue past Get ready to be impressed On Let’s import your tax info go to the bottom and select Enter a different way On OK, let's start with one investment type, select Other, then Continue On Which bank or brokerage is on your 1099-B? fill in the info, then Continue Type in a description in Tell us more about this sale On Now, enter one sale for [your description] In the box What type of investment did you sell? Choose Land (other investment purpose) and fill in the rest of your info.

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thatsmetig

Level 1

Solved

A friend and I purchased a lot with the intent of building on Aug 15 2005 for $6500. We never built and we sold in 2022 for $25000. How do I report this?

Forum|Forum|3 years ago
January 18, 2023
2 replies
33 views

No text available

TurboTax Online

Best answer by ErnieS0

Expert Reviewed

You and your friend will report your share of the sale as a sale of investment property. For example, if you were 50/50 investors, you would each report a sale price of $12,500 and cost of $3,250. Since you made a profit and owned the land for more than a year, you would each pay capital gains tax.

In TurboTax Premier:

Type land sale in Search in the upper right
Select Jump to land sale
Say YES to Did you have investment income in 2022?
Continue past Get ready to be impressed
On Let’s import your tax info go to the bottom and select Enter a different way
On OK, let's start with one investment type, select Other, then Continue
On Which bank or brokerage is on your 1099-B? fill in the info, then Continue
Type in a description in Tell us more about this sale
On Now, enter one sale for [your description]
In the box What type of investment did you sell? Choose Land (other investment purpose) and fill in the rest of your info.

Critter-3

Level 15

Did you each get a 1099-S at closing or did only one of you get that form ?

ErnieS0Answer

Level 15

Expert Reviewed

In TurboTax Premier:

Type land sale in Search in the upper right
Select Jump to land sale
Say YES to Did you have investment income in 2022?
Continue past Get ready to be impressed
On Let’s import your tax info go to the bottom and select Enter a different way
On OK, let's start with one investment type, select Other, then Continue
On Which bank or brokerage is on your 1099-B? fill in the info, then Continue
Type in a description in Tell us more about this sale
On Now, enter one sale for [your description]
In the box What type of investment did you sell? Choose Land (other investment purpose) and fill in the rest of your info.