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Generally, a raw land sale is reported in the investments section. But your comment is confusing.
do I claim the money the paid last year are what the final pay is
It's not really clear, but this "sounds" like an installment sale. Reporting an installment sale is done differently than reporting an ourright full sale of the property in a single transaction. Can you explain please?
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.
As @Carl said, more info is needed about the payments. When payments are received in multiple years, you have an installment sale. You have the choice or reporting the entire capital gain, in the year of sale or reporting prorated portions each year. If "money they paid last year" was only "earnest money" you were holding, then yes, you include it this year, when the sale was closed.
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