I sold land that I had raised timber on. I sold the timber in 2017 and the land in 2018. Should I report the land sale as a business or personal asset?

[donnydey2]

I bought the land in 1979 and established a home site.  I also started planting pine trees on the remaining land.  I sold the home site and part of the land in 1999.  I sold the standing timber in 2017 and reported the sale and capitalized expenses of raising the trees.  I sold the land in 2018.  Should the land sale be reported as a business of personal asset sale?

[IreneS · Accepted solution]

UPDATED FOR TAX YEAR 2019

The sale of land is considered the sale of an investment. 

You can report the sale in TurboTax using these steps:

1. Click on Federal > Wages & Income
2. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  
3. If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link.  
4. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 2019?  Click the Yes box.
5. On the screen, Did or will you receive a 1099-B form, mark the No button and click Continue
6. On the screen, Now we’ll walk you through entering your sale details, select Land from the list in the first box.
7. Fill in the rest of the boxes with the sale information.  Be sure to enter the NET proceeds. 
8. If taxes were withheld from the sale, click the box I have more info to enter that I don’t see here.  Enter the taxes in the boxes that appear.
9. Click Continue when done.  
10. Continue through the screens, entering the requested information.

[Edited | 4/13/2020 |  10:14 am PDT]