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thefenderbender
Level 2

Sale of Vacant Land

Where do we report the sale of vacant land? I read through posts from 2020 filings and my screen does not look like or behave the way past posts describe.

9 Replies
Critter-3
Level 15

Sale of Vacant Land

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
  3. Next click on “I’ll choose what I work on” (jump to full list)
  4. Scroll down the screen until to come to the section “Investment Income”
  5. Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ (or “update” is you have already worked on this section)
  6. The first screen will ask if you sold any investments during the current tax year (This includes any sale of real property held as an investment property so answer “yes” to this question)
  7. Since you did not receive a 1099-B, answer “no” to the 1099-B question

Choose type of investment you sold. 

thefenderbender
Level 2

Sale of Vacant Land

It doesn't bring up the list of choices. From what I've read in old posts that was last in 2020 version. I didn't find a solution. The screen gives me a choice to enter one at a time or a summary. 

Screen1.PNG

If I select one at a time this is what I see:

 

Screen2.PNG

 

 

Critter-3
Level 15

Sale of Vacant Land

Yes ... you need to enter the sale.  Fill in all the boxes ... what did you sell, for how much, when, etc.... 

thefenderbender
Level 2

Sale of Vacant Land

Even though I tell the system I don't have a form, the screen for informaion about the sale asks for a a holding period, which seams to refer back to a form.

 

Screen3.PNG

Mike9241
Level 15

Sale of Vacant Land

seems silly that it's asking about a holding period if you enter complete dates.  and worse if you make the wrong selection you can get the wrong results. say you sold on 10/15/2021 and bought on 4/12/2005. that would be long-term but if you select short-term it will report it as a short-term sale showing the dates you entered (form 8949). of course, the forms are not final so maybe Turbotax will correct this issue. 

 

tagteam
Level 15

Sale of Vacant Land


@Mike9241 wrote:

.....the forms are not final so maybe Turbotax will correct this issue. 


This issue was actually raised quite some time ago and no action has yet been taken; it appears to be by design programmatically.

thefenderbender
Level 2

Sale of Vacant Land

Does this happen in Premer too? I haven't been willing to upgrade when I don't know if it will fix the problem. When I purchased the rep told me Deluxe CD would do what I needed.

tagteam
Level 15

Sale of Vacant Land


@thefenderbender wrote:

Does this happen in Premer too? I haven't been willing to upgrade......


I am seeing the same behavior in Home & Business so I doubt upgrading will resolve the issue at this point in time.

thefenderbender
Level 2

Sale of Vacant Land

@tagteam 

 

Thank you! I'll hold off on spending the extra $30 then. I may have to figure out the forms and edit on that side. Little frustrating. 

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