If you sold land and the sale was reported to you and the tax agencies on Form 1099-S, you report the sale of an investment on your tax return. There isn't a section of TurboTax just for entering Form 1099-S. Form 1099-B is a tax form that reports proceeds from broker and barter exchange transactions. Transactions reported on Form 1099-B are also entered in the investments section of TurboTax.
To report the sale of land in TurboTax:
Click on the Federal Taxes tab, then Wages & Income, then scroll down to Investment Income and select Stocks, Mutual Funds, Bonds, and Other.
Respond "yes" to Did you sell any investments? You'll then be asked Did you get a 1099-B or brokerage statement? and you'll answer "no." Then you'll be shown a list of various investment sales and you'll select "land."
You'll be taken to the screen that says Enter Land Sale Information and you'll be able to enter your information. Be aware of the tiny box that says "I paid sale expenses not included in proceeds," as it must be checked if applicable to you.
Basis is generally the amount of your capital investment in property for tax purposes. Determine the basis of the land sold using the purchase price, any nonrecurring closing costs, and the cost of any other property included in the sale.
See this article for more information from the IRS on Basis.
See also this TurboTax article for more information on capital gains and losses and this article on real estate sales.
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