Do I need to report the sale of land?

[kmc-5]

Do I need to report the sale?

[IreneS · Accepted solution]

UPDATED FOR TAX YEAR 2019

Yes, you need to report the sale of land.

A land sale is considered a sale of an investment.  To report this in TurboTax, please follow these steps:

1. Click on Federal > Wages & Income
2. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
3. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX?  Click the Yes box.
4. Answer No on the screen, Did you get a 1099-B or brokerage statement…”
5. On the screen, Choose the type of investment you sold, mark the button for Land and click Continue. 
6. On the next screen, enter the land sale information.  Be sure to enter the net proceeds and mark whether income taxes were withheld or not. 
7. Continue through the screens, entering the requested information.
8.  

[Edited | 4/10/2020 |  8:15am PDT]

[johnantolic]

Thank you!