Sale of land

[William57]

where in from 1040 do I show that we sold the property of one of the mortgage interest.

[DavidD66]

Could you clarify what land you sold?  Was it investment property?  Was it land only?

[William57]

this was a land only sale.

[JotikaT2]

You will enter this information into TurboTax in the federal interview section as follows:

1. Select Income & Expenses 
2. Scroll down through all income until you see Investment income 
3. Select Stocks, Mutual Funds, Bonds, Other 
4. Select Add more sales 
5. You will see the screen titled OK, what type of investments did you sell?  Be sure to select Other to report your 1099-S.

Proceed through the questions and enter the information as prompted.

[William57]

I tried  these steps but don't get the same screens you show in your answer.  I am using Turbotax Deluxe version, Would this have some effect as to why I don't see the same screens as you?  If so wha next?

William

[DaveF1006 · Accepted solution]

You will need to upgrade to Turbo Tax premier or higher to report investments such as land.

[mesquitebean]

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@ William57 wrote:

I tried  these steps but don't get the same screens you show in your answer.  I am using Turbotax Deluxe version, Would this have some effect as to why I don't see the same screens as you?  If so wha next?

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What Deluxe are you using??

Are you using desktop Deluxe (CD/download); i.e., software version installed on your computer?   The screens provided above by the TurboTax agent I believe are for Online TurboTax.

If you are using Online Deluxe (web version), it should prompt you to upgrade if you try to enter an investment sale.   But since you didn't mention any prompt, I suspect you might be using desktop Deluxe software, which would not require an upgrade.

Desktop Deluxe (CD/download) can handle investment sales without an upgrade, but Online Deluxe cannot.

And the screens likely look different in the desktop product.

[William57]

Thanks, one last question.  How do I upgrade to "Premier?

[mesquitebean]

Please state if you are using Online TurboTax (web version) or desktop software.  See my comment above.

You may not need to upgrade, depending on what you are using.

[William57]

I am using the desktop version of deluxe but it does not permit me to enter 1099 - S information.  I need to show purchase price, sale price and related costs.  how do I do that?

[mesquitebean]

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@William57 wrote:

I am using the desktop version of deluxe but it does not permit me to enter 1099 - S information.  I need to show purchase price, sale price and related costs.  how do I do that?

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Stand by a while.   Desktop Deluxe says it will enter 1099-S, but so far it's not very intuitive.  I'll need to run some scenarios.

I know for a fact it will enter 1099-B for stock/mutual fund sales, and that it will prepare Schedule D and Form 8949.  So let me experiment a bit.

[William57]

Thanks, I may be shutting down in a bit.  I will most likely start up again in the morning.  I will look for your new post then.

Good to have you and the others there to help.

William57

[mesquitebean]

While all of the desktop products prepare the same forms, they differ mainly in the amount of help and guidance.   While desktop Premier may offer more help and guidance on such a land sale (and perhaps its screens are easier and more definitive for land sales), desktop  Deluxe is "supposed" to handle it, but it's certainly not straightforward and intuitive.

Read this other thread on a recent similar topic also in the Deluxe Edition (although it was reporting a 1099-S for inherited land.)
Be sure to read the whole thread.

TurboTax expert @ MaryM428  provided steps to enter a land sale in desktop Deluxe, but I am unable to follow her steps exactly as she wrote them and neither was the threadowner who was also using Deluxe.

https://ttlc.intuit.com/community/taxes/discussion/sale-of-inherited-land-using-cd-download-2020-del...

As you'll see in that thread, the threadowner responded that he could not follow her steps.  Then another TurboTax expert @ pattif12  as well as TurboTax expert @ DawnC relayed some additional info on how to enter it and how TurboTax handles it.

I'm a fellow user, not a tax expert.  However, I've mentioned those experts in this thread, so one of them may return here and assist you further with this.   I have no idea why the programmers made it so difficult and non-intuitive to do in desktop Deluxe.

[mesquitebean]

@William57 

You may get additional help on this matter in this thread during the day.  Or is you wish, you could simply upgrade to Premier as @DaveF1006 suggested, and it could be more straightforward with additional screens and more guidance on the sale of land.   If you decide to upgrade, it can be done from within the Deluxe product.   There should be an "Upgrade TurboTax" link way down at the bottom right of each screen (it has an adjacent "up" arrow).

[William57]

Good morning,

when I try to update there is a "No Thanks" in the column.  How do I get around this?