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inesq
New Member

I sold a half acre lot, how do I enter that details in my tax return?

 
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4 Replies

I sold a half acre lot, how do I enter that details in my tax return?

You report the property sale in the Investment Income section.

 

To enter an investment sale -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B), click the start or update button


Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

Hal_Al
Level 15

I sold a half acre lot, how do I enter that details in my tax return?

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in  Home & Business)

 - Wages & Income

Scroll down to:

-Investment Income

   -Stocks, mutual funds, Bonds, Other (Real estate is other)

Answer no, when asked if you got a 1099-B. then follow the interview. If asked if used for business or rental, check "other investment purpose"

rjs
Level 15
Level 15

I sold a half acre lot, how do I enter that details in my tax return?

The tag below your question says that you are using TurboTax Deluxe Online. To report an investment sale, such as the sale of the lot, you will have to upgrade to Premium or use any version of the CD/Download desktop TurboTax software.

 

TomK2023
Expert Alumni

I sold a half acre lot, how do I enter that details in my tax return?

Because these types of sales are considered investment sales, you need to enter this info in the investment section of TurboTax. Select the product you’re using for the right instructions.

 

You’ll have to use TurboTax Premium or Desktop/CD to report the sale of a second home, an inherited home, or land.

 

TurboTax Online

TurboTax Desktop

 

TurboTax FAQ: Where do I enter the sale of a second home, an inherited home, or land on my 2023 taxes?

 

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