Solved: How do we claim the income made on a property that is not our home? we owned a lot for 3 years then sold it in 2017
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How do we claim the income made on a property that is not our home? we owned a lot for 3 years then sold it in 2017

 
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Level 2

How do we claim the income made on a property that is not our home? we owned a lot for 3 years then sold it in 2017

A property such as you describe is considered an investment property and is reported as follows in TurboTax;

  • In your open Federal return, select Wages & Income
  • Scroll down to Investment Income and Show more
  • Start/Revisit Stocks, Mutual Funds, Bonds, Other
  • Add a sale and answer No to Did you get a 1099-B or a brokerage statement for these sales?
  • On the next page Choose the type of investment you sold, select the radio button for Land and Continue 
  • You are now in the interview to report the sale of your lot.

View solution in original post

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Level 2

How do we claim the income made on a property that is not our home? we owned a lot for 3 years then sold it in 2017

A property such as you describe is considered an investment property and is reported as follows in TurboTax;

  • In your open Federal return, select Wages & Income
  • Scroll down to Investment Income and Show more
  • Start/Revisit Stocks, Mutual Funds, Bonds, Other
  • Add a sale and answer No to Did you get a 1099-B or a brokerage statement for these sales?
  • On the next page Choose the type of investment you sold, select the radio button for Land and Continue 
  • You are now in the interview to report the sale of your lot.

View solution in original post

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