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mkrunz
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I purchased a Vacant lot to sell in the future for a profit. How should I enter it. Under the "Deduction and Credits" or under the "Wages and Income/Rental properties"?

 
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I purchased a Vacant lot to sell in the future for a profit. How should I enter it. Under the "Deduction and Credits" or under the "Wages and Income/Rental properties"?

If you just purchased the lot as an investment, you don't enter anything on your tax return at the time of purchase. Keep all the purchase documents in your records for when you sell it.

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I purchased a Vacant lot to sell in the future for a profit. How should I enter it. Under the "Deduction and Credits" or under the "Wages and Income/Rental properties"?

If you just purchased the lot as an investment, you don't enter anything on your tax return at the time of purchase. Keep all the purchase documents in your records for when you sell it.
mkrunz
New Member

I purchased a Vacant lot to sell in the future for a profit. How should I enter it. Under the "Deduction and Credits" or under the "Wages and Income/Rental properties"?

Thanks. So nothing to enter in turbo tax this year, or even the next years ... until the year I sell it.

I purchased a Vacant lot to sell in the future for a profit. How should I enter it. Under the "Deduction and Credits" or under the "Wages and Income/Rental properties"?

That's correct.
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