topic Land Sale S-Corp in Get your taxes done using TurboTax

Land Sale S-Corp

devon-vereen42-g — Mon, 23 Feb 2026 13:10:17 GMT

My family has an S-Corp with 30 acres of Land with a tax value of $300,000 and we sold 1.5 acres of land for $15,000 or the tax value. The overall value is the same and no money is being distributed to shareholders. Where on form 1120 should this sale be entered?

Re: Land Sale S-Corp

Anonymous_ — Tue, 07 Feb 2023 01:00:42 GMT

Are you using TurboTax Business? If so start in the section shown in the screenshot below.

Re: Land Sale S-Corp

devon-vereen42-g — Tue, 07 Feb 2023 01:20:55 GMT

Unfortunately not, however I do have turbotax Premier. The 1120-S Form I'm using is a printout from the IRS website.

Re: Land Sale S-Corp

Anonymous_ — Tue, 07 Feb 2023 02:38:55 GMT

TurboTax Premier will be of zero utility in terms of preparing an 1120-S for the S corporation.

Just for this one transaction, you will need Form 1120-S, Schedule D, Form 8949, and Schedule K-1 (at a bare minimum).

Re: Land Sale S-Corp

ThomasM125 — Tue, 07 Feb 2023 02:55:45 GMT

You will need TurboTax Business product to prepare your corporate tax return, here is a link you can use to purchase it and do a download: TurboTax Business

Re: Land Sale S-Corp

devon-vereen42-g — Wed, 08 Feb 2023 00:45:33 GMT

Thanks so much! We are not reporting a gain or loss and we are not issuing any money or a dividend to shareholders. We sold for the tax value. We swapped land for cash when you add the two together the value is the same.

Re: Land Sale S-Corp

DaveF1006 — Wed, 08 Feb 2023 14:40:37 GMT

In your Turbo Tax Business return, you will select that you need to report an S-Corp return. Then go to federal taxes>income>investment income >capital gains and losses to properly report the sale of this land.

If this is the only S-Corp income to report, I would suggest not reporting this if it didn't result in a gain or loss because these types of transactions are not reportable income you need to report.

Re: Land Sale S-Corp

Anonymous_ — Wed, 08 Feb 2023 15:10:58 GMT

@devon-vereen42-g wrote:

We sold for the tax value. We swapped land for cash when you add the two together the value is the same.

The IRS has no way of knowing your basis (tax value or whatever) for this transaction unless you report it.