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Bought and then Sold vacant land put in improvements before selling, held 2 yrs. How do I write off my improvements or invested money in the property?

Bought & Sold vacant land held 2 yrs. I put some improvements into it before selling. How do I write off my improvements in the property? Turbotax wants to only know what I paid and what I received upon selling.
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1 Reply
JosephF8
Expert Alumni

Bought and then Sold vacant land put in improvements before selling, held 2 yrs. How do I write off my improvements or invested money in the property?

Entering the sale of vacant land.

 

  • On the page that says Enter Cost Information.
  • Under Original Cost Information. 
  • Include here your total basis in the property. (including improvements)

 

 

 

 

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