Paul sold land for $5,000

donkey1 · ‎April 12, 2020

ColeenD3 · ‎April 12, 2020

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

ColeenD3 · ‎April 12, 2020

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

Do you have an Intuit account?