topic We sold personal property (land) and made a profit. Where do I enter expenses / improvements to offset capital gains? in Deductions & credits

We sold personal property (land) and made a profit. Where do I enter expenses / improvements to offset capital gains?

ladawnenkern — Mon, 23 Feb 2026 13:23:44 GMT

Re: We sold personal property (land) and made a profit. Where do I enter expenses / improvements to offset capital gains?

Critter-3 — Sat, 04 Feb 2023 18:43:59 GMT

When you are asked for the cost basis that amount is the total of the original purchase price + cost to buy(if any) + costs to sell (if any) + improvements made while you owed it. You enter only ONE figure in the program.

Re: We sold personal property (land) and made a profit. Where do I enter expenses / improvements ...

DMarkM1 — Sat, 04 Feb 2023 18:48:01 GMT

You will enter the details of the sale in the "Wages and Income" section.

Use the "Investments and Savings" drop down.
Locate the "Stocks, Cryptocurrency..." topic.
You will see "Land" listed as "Other" select "Yes"
Continue to the page titled "Let's start with one investment"
Select the "Other" tile and continue
If you are not in Premier you will be asked to upgrade to handle the sale
Once you upgrade you will be asked to enter the sale and cost information
Select "Land (personal use)" from the type of investment
Enter description and other requested information
Proceeds are the sale price per any form 1099-S you might have received
The cost is what you originally paid plus any improvement costs over the years
Next you will have the chance to indicate any sales expenses you might have incurred that were not already excluded on your 1099-S (Broker fees, transfer fees, document prep/delivery fees, etc).