I bought the land. I paid the contractors to build it. Never occupied it. Sold the house in 2019.
I received a 1099-S. I'm using the 2019 downloaded version of Turbo Tax.
I tried following the prompts but it keeps telling me to put it in the business investments section. The section assumes I got Schedule Q but I didn't.
Should I just declare it under Schedule C?
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Report the home sale as a sale of investment property, unless you are in a business of regularly building and selling houses.
I’m assuming this is not the case since you mentioned business investments.
Here’s how to enter the sale in 2019 TurboTax CD/Download:
Thank you for your reply.
At the time I was trying to get into the new home construction business. It wasn't the only new house I built, but it was the last one I sold. After that, I didn't build or sell new houses, or any more properties.
I mentioned the sale of investment property because Turbo Tax prompted me to, not because I really know anything about it.
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