topic How do i report sale of vacant land? in Get your taxes done using TurboTax

How do i report sale of vacant land?

bigbrowneyes1169 — Thu, 27 Jan 2022 00:22:59 GMT

How do I report the sale of vacant land?

Re: How do i report sale of vacant land?

Kat — Thu, 27 Jan 2022 00:28:35 GMT

You may receive a 1099-S that you'll enter into the TurboTax program. At any rate, you'll enter this sale under Investments. See the instructions in the TurboTax FAQ I'm linking below.

Where do I enter the sale of land?

Re: How do i report sale of vacant land?

MayaD — Thu, 27 Jan 2022 00:29:56 GMT

You would report the sale of vacant land as a an investment sale.

To report the sale :

Select Federal Taxes tab,
Go to Wages & Income
scroll down to Investment Income
Select Stocks, Mutual Funds, Bonds, Other.
Respond "yes" to Did you sell any investments?
You'll then be asked Did you get a 1099-B or brokerage statement?
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.

If you received a 1099-S form enter the amount of gross proceed as it is on the form then add the deductions/expenses to the cost basis of the land