Home & Business

[Noah2025]

Where in 2024 home & business version of TurboTax to enter sale of a land?

[MayaD]

 You must report the sale of vacant land as a capital gain or loss. Form 8949, "Sales and Other Dispositions of Capital Assets," is used to figure the amount of gain or loss from the sale.

To report the sale :

1. Go to Personal then Personal Income
2. Select I'll choose what i work on.
3. scroll down to Investment Income 
4. Select Stocks, Mutual Funds, Bonds, Other. If you get to the investments summary screen click on Add Investments. 
5. Skip import of Tax document.
6. Select  Other 
7. Enter the name of the person or financial institution that brokered this sale
8. Select the type investment sales and enter the information.

Enter the amount of gross proceed then add the deductions/expenses to the cost basis of the land.