Sale of real estate property 2016 non rental

[alnan1960]

how do i report it

[IreneS · Accepted solution]

UPDATED FOR TAX YEAR 2019

It depends on the type of real estate.  You indicated that this was not a rental property, so it's probably your principal residence, second home, or land.

Residence

If this was the sale of your principal residence, you don't need to report the sale on your return. If it was your personal residence for 2 of the past 5 years, you qualify for a $250,000 exemption.   If you wish to enter the sale in TurboTax  because you gain was more than $250,000, or because this was your second home, please follow these steps:

1. Click on Federal Taxes > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I'll choose what I work on].
2. In the Less Common Income section click on the Start/Revisit box next to Sale of Home (gain or loss).  
3. Continue through the screens, entering the requested information.
   

Land

A land sale is considered a sale of an investment.  To report this in TurboTax, please follow these steps:

1. Click on Federal > Wages & Income
2. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
3. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX?  Click the Yes box.
4. Answer No on the screen, Did you get a 1099-B or brokerage statement…”
5. On the screen, Choose the type of investment you sold, mark the button for Land and click Continue. 
6. On the next screen, enter the land sale information.  Be sure to enter the net proceeds and mark whether income taxes were withheld or not. 
7. Continue through the screens, entering the requested information.

[Edited | 4/10/2020 |  9:06am PDT]

[cat141]

tHIS IS A NON RENTAL SALES OF SECOND HOME. wHERE DO i REPORT IT