Sold Land for $109K purchased for $89K,15 yrs ago had a second out on the land,any other expenses/deductions I can use to help reduce what the IRS sees as a $20K profit?

[Critter · Accepted solution]

Purchase price + cost to purchase + cost of improvements over the years you owned the property (if any) + cost to sell = basis

Selling price - basis = profit  

Owning it for more than 1 year gets you a lower tax rate on the capital gain. Review the QDCGT worksheet to see how that is being calculated. 

[orzscha]

Thank you for confirming, now my question is how / where do I enter my cost of improvements in Turbo Tax?

[Critter]

When you enter the cost basis that amount is the total of   "Purchase price + cost to purchase + cost of improvements over the years you owned the property (if any)"  and if they don't give a separate place for selling costs add them to the basis also.