Sale of land gets reported in TurboTax as a
sale of an investment.
Please follow the
following steps to record the sale in TurboTax:
- Within your return, select Federal Taxes tab
- Select Wages & Income tab
- On "Your income" page, click Start button for
Stocks, Mutual Funds, Bonds, Other
- On "Did you sell any investments in 2016?",
click on Yes button
- On next page, answer whether or not you received a
1099-B or a brokerage statement for the sale
- On next page, "Choose the type of investment you
sold", select radio button for Land and click on Continue button
- Enter the details of your land sale on the next page,
"Enter Land Sale Information" and click on Continue buttton
- On next page, select radio button for the way in which
you acquired the land and click on Continue button
- On next page, "Any Business or Rental Use?",
indicate how you used the land and click on Continue button
- On next page, "Enter Cost Information", enter
Date Acquired and Original Cost and click on Continue button
- TurboTax will then calculate your gain on the
investment in land, indicate whether it's short- or long-term, and
indicate your Proceeds and Cost Basis
- You can proceed further and add any additional similar
investment sales in like fashion