Please let me know where sale of land which I purchased for investment should be entered, I see two options - under investment income section or Sale of Business property - both sections show an option to report sale of land.
011066
1 Best answer
Anonymous_
Level 15
Jul 7, 2020 11:57:45 AM
If the land is simply vacant land held for investment and not used for farming, conservation, mineral extraction, nor are you receiving payments over two or more tax years, then report the transaction in the Investment Income section.
1 Replies
Anonymous_
Level 15
Jul 7, 2020 11:57:45 AM
If the land is simply vacant land held for investment and not used for farming, conservation, mineral extraction, nor are you receiving payments over two or more tax years, then report the transaction in the Investment Income section.