How do I report Capital gains from a land sale?

[wthrsstphn]

We sold real estate, no home on it, just land and made a $10,750 profit.  How do I report this?

[ThomasM]

To report your capital gains, you'll need to upgrade to TurboTax Premier in order to prepare the Schedule D & Form 8949. You can continue with the following instructions and TurboTax will inform you of the upgrade requirement and at that time you can click on the button to continue.

You'll report the land sale 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?  This will trigger the "upgrade" screen.  Once you continue, you'll 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."

Then 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; it must be checked if applicable to you.

Then hit "continue" and follow the prompts, where TurboTax will ask you follow-up questions.

[elg2]

I'm using TurboTax Premier 2019.  After I enter the land sale information, the box "I paid sale expenses not included in proceeds" does not exist anywhere.  The only box that appears is "I have more info to enter that I don't see here".  When I click on that box, three option appear, none of them being "I paid sale expenses not included in proceeds".  Did Intuit forget to include this option in TurboTax Premier 2019?

[ColeenD3]

For land sales, add expenses to the basis. There is no entry for them apart from this.

[elg2]

What you state is what I ended up doing prior to asking my question; however, per the instructions for Form 8949, the expenses are to be entered as an adjustment in column (g) of the form along with a code entered in column (f) of the form.  What I'm worrying about is that the IRS will not like the proceeds amount that ends up in column (d) of the form will not be in agreement with the "gross proceeds" amount in box 2 of the 1099-S without any explanation for the difference.  I may be setting myself up for receiving a letter from the IRS.

[KrisD15]

Form 8949 is for reporting a 1099-B.

Land sales are generally reported on 1099-S

Add the expenses to the basis to arrive at the gain or loss. 

This is not suspicious reporting.