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embarq
New Member

I sold land in 2016 Should It be on a Sch D

 
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DDollar
Level 1

I sold land in 2016 Should It be on a Sch D

Yes, if you sold land (unless it was used for business) it should be reported as an asset sale on Schedule D.  To report the sale you will enter this under the Investment Income area of Wages & Income:

  1. Click on Search
  2. In the Search Window type "Capital Gain"
  3. Click on "Jump to Schedule D"
  4. Click on "+Add More Sales
  5. Answer No To "Did you get a 1099-B or a brokerage statement for these sales?"
  6. Type of Investment: Everything Else
  7. Enter a description, Net Proceeds and date of sale
  8. Acquired: Purchase
  9. Cost Basis: your investment basis at dissolution
  10. Date of Acquisition: date you made your investment

TurboTax will calculate the gain or loss on this investment and determine if it was short- or long-term.


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1 Reply
DDollar
Level 1

I sold land in 2016 Should It be on a Sch D

Yes, if you sold land (unless it was used for business) it should be reported as an asset sale on Schedule D.  To report the sale you will enter this under the Investment Income area of Wages & Income:

  1. Click on Search
  2. In the Search Window type "Capital Gain"
  3. Click on "Jump to Schedule D"
  4. Click on "+Add More Sales
  5. Answer No To "Did you get a 1099-B or a brokerage statement for these sales?"
  6. Type of Investment: Everything Else
  7. Enter a description, Net Proceeds and date of sale
  8. Acquired: Purchase
  9. Cost Basis: your investment basis at dissolution
  10. Date of Acquisition: date you made your investment

TurboTax will calculate the gain or loss on this investment and determine if it was short- or long-term.


View solution in original post

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