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Level 1

Question

land sale

Forum|Forum|1 year ago
October 30, 2024
2 replies
36 views

sold a couple of empty city lots. Long term holding( over 10 years). establish basis, all else lt gains on sch d?

Level 15

No text available

Employee Tax Expert

Employee Tax Expert

When you sell empty lots, they get treated as sale of property. So in Turbo Tax, you enter it as sale of an investment. You would select type of sale to be other. As the lots are held for over 10 years, they will be subject to the long term capital gains tax rates which are lower than short term capital gains tax rate, between 0 to 20%. They would get reported on Form 8949 and from there the information would flow to Sch D.

https://turbotax.intuit.com/tax-tips/investments-and-taxes/guide-to-short-term-vs-long-term-capital-gains-taxes-brokerage-accounts-etc/L7KCu9etn