How do I enter the sale of land

[ThomasM]

TurboTax Premier online (or higher) is required to report the sale of land.  You'll make the entry by clicking on the Federal Taxes tab, then Wages & Income, then scroll down to Investment Income and 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? and 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.  Be aware of the tiny box that says "I paid sale expenses not included in proceeds," as it must be checked if applicable to you.

Then hit "continue" and follow the prompts, where TurboTax will ask you follow-up questions.

[kothisarkar99]

I went to Investment Income.  Responded Yes for sale of Investments.  Answered No to the question on receiving 1099 B. 

Clicked on land. Entered the Gross Proceeds.

When I clicked on the little box to enter the expenses not included in Gross Proceeds, I get Form 1099 B to enter those expenses, Why?

What should I do?

[SubCAPT]

Turbo Tax for 2020 does not give you an option for land if you say no to 1099-B so how do you do it for tax year 2020?

[DawnC]

If you say no, you have no 1099-B, you can enter ''land'' as the description on the next screen.   There is not a separate entry screen for land in TurboTax Desktop.  TurboTax will ask for all of the necessary information to calculate the gain or loss on the sale.  If you want to see the entry process in detail, please refer to Irene's post here.    @SubCAPT

[Irene2805]

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

TurboTax Online

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. On the screen,  OK, what type of investments did you sell? mark the Other box and click Continue.
5. When you get to the screen, Now we’ll walk you through entering your sale details enter the details of the sale.  You will be able to select the type of investment in the first box [second home, land, etc.]  [See Screenshot #1 below.]
6. Click Continue when done.

TurboTax CD/Download

1. On the Wages & Income screen, 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. 
2. 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.
3. On the screen,  
4. Did you get a 1099-B or brokerage statement... click the No box.
5. On the screen, Tell us about this sale, mark the radio button, I'll enter one sale at a time.
6. Enter the information in the boxes that appear.  You will have to type in Land Sale in box 1a.
7. Enter the total sales proceeds as well as the other information requested.  [See Screenshot #2 below.]
8. Continue to the screen, Select any less common adjustments that apply.  
9. Mark the first box The reported sales price did not deduct all fees or selling expenses.  [Screenshot #3]  
10. Enter the sales expenses not deducted from the sales price entered earlier.

Screenshot #1

Screenshot #2

Screenshot #3

[Piry25]

Have Premier download version 2020.48.21.77

When I click in investments:

The first screenshot I dont even see that.

The second screenshot yes

The third screenshot NO

[ToddL99]

You will see different screens in the desktop versions of TurboTax (see below).

Where do I enter the sale of a second home, an inherited home, or land on my 2019 taxes?

1. Open or continue your return.
2. In the search box, search for sold second home and select the Jump to link in the search results.
3. Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2020?screen.
   • If you land on the Your investment sales summary screen, select Add More Sales.
4. On the Did you get a 1099-B or brokerage statement for these sales? screen, select No.
5. Answer the questions and continue through the screens to finish entering your sale.

These screenshots are from TurboTax Home & Business and should be identical to what you see in Premier.

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[Piry25]

Thanks for responding the last screenshot I dont get and that is the main problem I have.

[ToddL99]

You do not need to use the last screen ("Select any less common adjustments") UNLESS you had selling expenses that were not added to the cost basis of the property sold.

This screen just gives you the opportunity to add any selling/closing costs that weren't accounted for in the "Sale proceeds" amount or "Cost or other basis". Otherwise, leave all the boxes on this screen unchecked and proceed.

[jdocwatson]

I have gone through steps but land does not pop up as an option.  It goes right to sale of stocks etc.

[Piry25]

I dont even get the screen for land sale and that is the problem.

[Cynthiad66]

Here is how to enter the sale of land:

You can enter this info in the investment section of TurboTax. Select the product you’re using for the right instructions.

Note: To report investment sales, you’ll have to use TurboTax Premier, TurboTax Self-Employed, or TurboTax Home & Business.

TurboTax Online

TurboTax CD/Download

According to Internal Revenue Service publication 544 , "Sales and Other Dispositions of Assets," you must report the sale of vacant land as a capital gain or loss. Use Form 8949, "Sales and Other Dispositions of Capital Assets," to figure the amount of gain or loss from the sale.  Sales and Other Disposition of Assets

[ddbarnes]

How do i calculate cost basic on land gifted to me 25 years ago that i sold in 2021

[ThomasM125]

@ ddbarnes More than likely, the land is worth more than when you acquired it, so the basis would be the basis to the individual that gave it to you. That would normally be the cost that the person paid for it. You may have to do some research to find the value of the land when the person who gave it to you purchased it. That may entail looking up the property record from your property appraiser's office, which is often available online.