How do I fill out form 8949 for land I sold attached to my main home

You may have to upgrade from Deluxe to Premium to report a Schedule D transaction.

 

Are you selling your main home or are you selling investment land adjacent to your home?

For instance, did you buy a vacant lot adjacent to your main home?  Now you are selling the investment property?

 

If that is the case, to report the sale of land as investment property, follow these directions.

 

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• You may need to click Add more income.
• Scroll down to Investments and Savings, click on the dropdown menu.
• Click Start/Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• Click Add investments.
• At the screen Let’s import your tax info, select Enter a different way.
• At the screen OK, let’s start with one investment type, select Other.  Click Continue.
• At the screen Tell us more about this sale, enter “Land” or an appropriate description.  Click Continue.
• At the screen Now, enter one sale…, enter the sale information.
• At Tax Tools / Print Center, view Schedule D / IRS form 8949 to review the entry.

 

To report a sale of your personal home, enter ‘sale of home’ in the search box in the upper right hand corner of the screen.  Select Jump to sale of home.

 

 

 

I bought three acres of property with a house on it.  I sold 1 acre of the property  where the house is on.  I will be selling the remainder of my property in one year.  How do I report the once acre of property.  It was not an investment it was part of my main home.

You would still list it as an investment property. You will need to decide how much your cost basis in that one acre of land was by allocating  what you paid for the entire property to that one acre of land.  Many times you can do this using your real estate tax bill which will divide the land and improvements. 

You would enter the sale of the land by selecting the following:

1. Federal
2. Income
3. Show More next to Investment Income
4. Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) 
5. Select Other
6. Continue through and select land for the type of investment
7. Answer how you obtained it
8. You will need to enter the selling price, dates and the cost basis   

Note, your navigation sequence may be slightly different.  You can also use the Jump to feature by entering investment sale in the search bar at the top of the screen.