What kind of return are you preparing in TurboTax business?
You should see a 'Dispose of business property' option under the 'Income' tab.
That is where you would enter the sale of an asset like land.
Thanks - that helped get me over the hump. I'm working on a 1065 for a multi-member LLC.
thanks - this is useful info.. just to confirm in Turbo Tax Business 2019 -> Under Income -> Items You Can Skip -> Business Property/Asset disposals ...
This is the option I see and I entered my land sale there.
I did not have 'Dispose of business property' ....
hopefully it the same option you are referring?
Usually a land sale is handled like an investment sale because it is a capital asset to you. It is not a business property unless you are in the business of buying or selling land.
Hello,
I'm having some trouble trying to figure out how to show vacant land sale in Turbo Tax 2022...
I have an LLC (s-corp election) that I filed using turbo tax business 2021 and entered 3 vacant land acquisitions in 2021. I've sold one of these properties in 2022...
In the "about your business" section, subsection "rental real estate property summary"...I "edit" the property and checked the box next to "this rental property was sold...this tax year"
However, in the rental real estate income and expense page...the "Dispose of Rental Real Estate Property" only has options for Depreciable assets, which I dont' have. This was only vacant land.
Where/How do I show this property sold and the price i received for it, and my cost basis?
Either you enter the land as assets in the asset section ( even if they are not depreciated ) and sell off the land thru the asset section OR you enter them in the sale of business assets section later in the interview screens but you do NOT enter it twice unless you like paying too much in taxes.