How do I report investment in land? I understand that I can report it like stock and get long term capital gain for tax .
How do i report this on turbo tax. I bought this land about 35 yrs ago and sold in in 2021. Can't i get long capital gain applied?
01162
1 Replies
Mike9241
Level 15
Jun 12, 2021 4:45:58 PM
yes. use the 1099-B wks. if you got a 1099-S use type E long-term gain with sales proceeds but not cost reported to IRS. if no 1099-S use code F - long-term gain bt neither proceeds or cost report to its