How do I report a capital gain on the sale of a vacant lot

Forum|Forum|6 years ago
October 15, 2019
3 replies
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TurboTax Premier Online

Rainman12

Alumni - Champ

Sale of asset not reported on 1099-B.

dluhman

Level 2

How do I enter the sale of a vacant residential lot with a large long-term gain?

RayW7

Alumni - Intuit

You'll make the entry by clicking on the Federal Taxes tab, then Wages & Income, then scroll down to Investment Income and select Stocks, Mutual Funds, Bonds, Other.

Respond "yes" to Did you sell any investments? You'll then be asked Did you get a 1099-B or brokerage statement? and you'll answer "no." Then you'll be shown a list of various investment sales and you'll select "land."

You'll be taken to the screen that says Enter Land Sale Information and you'll be able to enter your information. Be aware of the tiny box that says "I paid sale expenses not included in proceeds," as it must be checked if applicable to you.

Select continue and follow the prompts, where TurboTax will ask you follow-up questions.