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shaksm
Returning Member

I rented a purely land property since 2009 and sold it in 2018. There are no other assets on the property - no improvements, no vehicles, etc. I received a 1099-S.

 
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Coleen3
Intuit Alumni

I rented a purely land property since 2009 and sold it in 2018. There are no other assets on the property - no improvements, no vehicles, etc. I received a 1099-S.

Since you can't enter the sale under the depreciation/sale section since it won't allow you to enter without depreciation, enter the sale as follows.

Sale of land gets reported in TurboTax as a sale of an investment.

Please follow the following steps to record the sale in TurboTax:

  • Within your return, select Federal Taxes tab
  • Select Wages & Income tab
  • On "Your income" page, click Start button for Stocks, Mutual Funds, Bonds, Other
  • On "Did you sell any investments in 2018?", click on Yes button
  • On next page, answer whether or not you received a 1099-B or a brokerage statement for the sale
  • On next page, "Choose the type of investment you sold", select radio button for Land and click on Continue button
  • Enter the details of your land sale on the next page, "Enter Land Sale Information" and click on Continue button
  • On next page, select radio button for the way in which you acquired the land and click on Continue button
  • On next page, "Any Business or Rental Use?", indicate how you used the land and click on Continue button
  • On next page, "Enter Cost Information", enter Date Acquired and Original Cost and click on Continue button
  • TurboTax will then calculate your gain on the investment in land, indicate whether it's short- or long-term, and indicate your Proceeds and Cost Basis
  • You can proceed further and add any additional similar investment sales in like fashion

View solution in original post

5 Replies
Coleen3
Intuit Alumni

I rented a purely land property since 2009 and sold it in 2018. There are no other assets on the property - no improvements, no vehicles, etc. I received a 1099-S.

Did you collect rent in 2018? Have you been using Turbotax to report the rent in previous years?
shaksm
Returning Member

I rented a purely land property since 2009 and sold it in 2018. There are no other assets on the property - no improvements, no vehicles, etc. I received a 1099-S.

Yes and Yes
shaksm
Returning Member

I rented a purely land property since 2009 and sold it in 2018. There are no other assets on the property - no improvements, no vehicles, etc. I received a 1099-S.

Purchased in 1994 for $1 from my parents.  Started renting, and claimed it as rent, in 2009.  Sold in 2018.
shaksm
Returning Member

I rented a purely land property since 2009 and sold it in 2018. There are no other assets on the property - no improvements, no vehicles, etc. I received a 1099-S.

Received 1099-S as part of the sale.  It is only land - no buildings on it, no improvements.
Coleen3
Intuit Alumni

I rented a purely land property since 2009 and sold it in 2018. There are no other assets on the property - no improvements, no vehicles, etc. I received a 1099-S.

Since you can't enter the sale under the depreciation/sale section since it won't allow you to enter without depreciation, enter the sale as follows.

Sale of land gets reported in TurboTax as a sale of an investment.

Please follow the following steps to record the sale in TurboTax:

  • Within your return, select Federal Taxes tab
  • Select Wages & Income tab
  • On "Your income" page, click Start button for Stocks, Mutual Funds, Bonds, Other
  • On "Did you sell any investments in 2018?", click on Yes button
  • On next page, answer whether or not you received a 1099-B or a brokerage statement for the sale
  • On next page, "Choose the type of investment you sold", select radio button for Land and click on Continue button
  • Enter the details of your land sale on the next page, "Enter Land Sale Information" and click on Continue button
  • On next page, select radio button for the way in which you acquired the land and click on Continue button
  • On next page, "Any Business or Rental Use?", indicate how you used the land and click on Continue button
  • On next page, "Enter Cost Information", enter Date Acquired and Original Cost and click on Continue button
  • TurboTax will then calculate your gain on the investment in land, indicate whether it's short- or long-term, and indicate your Proceeds and Cost Basis
  • You can proceed further and add any additional similar investment sales in like fashion

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