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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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.

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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

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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