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donkey1
New Member

Paul sold land for $5,000

 
1 Best answer

Accepted Solutions
ColeenD3
Expert Alumni

Paul sold land for $5,000

Enter sale of land in the investment section.

 

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 2019?", 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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1 Reply
ColeenD3
Expert Alumni

Paul sold land for $5,000

Enter sale of land in the investment section.

 

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 2019?", 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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