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Level 1
posted Jun 7, 2020 4:27:25 AM

How do I handle a large one-time cash profit from a property sale?

I've owned a parcel of land for 40 years and recently sold it for $85k. It was personal property. I'm retired and never been in the real estate business.

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1 Replies
Level 15
Jun 7, 2020 5:11:28 AM

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-investment-sales/00/26619

 

You will need to either upgrade to the Premier version OR  use one of the IRS FREE FILE  choices if your AGI will be $69K or less (remember only the profit on the sale is part of the AGI) ...  https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free