How do I enter the sale of a boat slip at a marina?

[catherine-mcgrat]

Would it qualify as an Investment - "Second Home" or "Land" - is there a difference?

[PatriciaV · Accepted solution]

A boat slip would not fall under any regular investment classification. You may enter it as "Everything Else". Note that any gain or loss would be reported as Long-Term or Short-Term Capital Gain/Loss and taxed as such.

[sagrimm]

How for you report the gain on the sale of a boat?

[Mike9241]

assuming you did not get a 1099 form and this is not a business asset

since you're using Windows desktop version, you can use forms mode. type Capital Asset Sales in the search box. double click on the worksheet form. enter 1 in the box then click on next. for the name of the broker enter "NONE" click on finish. enter a description, date sold and acquired, sales price and cost. check the box  "no" for basis reported to IRS and "also "no" for sale reported to IRS

[Critter-3]

If this was a personal use boat (not business or investment use) then you only report the sale if you got a 1099 or you made a profit ... losses on personal use items is not deductible.

[jpp]

Exactly where do I enter it?

[Critter-3]

• Federal Taxes
• Wages & Income 
• scroll down to Investment Income 
• Stocks, Mutual Funds, Bonds, Other
• to the right of this category click Start or Revisit
• follow the screen prompts and answer the questions to enter your information on Schedule D

[DianeW777]

It depends.  If this was a sale of your boat slip you will report this as an investment sale and it can be entered in TurboTax using the steps below.  The gain will be long or short term depending on your holding period.  Long term sales for property held longer than one year there is capital gain treatment which provides a lower tax rate than the rest of your income.

1. Sign into your TurboTax account
2. Select Wages & Income > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
3. Start or Revisit > Continue or Add more sales
4. Select Other then enter your person or name of sale broker
5. Select Other at the bottom of the list for the type of investment
6. Continue to enter the details of the sale
7. See the image below.

If you need further clarification please add any additional details here.