We sold a vacant piece of land - purchased it in March 2015 and sold in Oct 2016 - we had a loan on it and paid closing costs. confused on Net proceeds dollar amount, we made about 14k when all was said and done

[MichaelL1]

You will report the sale as follows:

To enter your Land sold

Click on Federal Taxes

Click on Wages and Income

Click on I'll choose what I work on

Scroll down to Investments

On Stocks, Bonds, Other, click the start or update button

Chose Other and report the land sold.

The cost is what you paid for the land, plus closing costs (when bought) plus improvements made.

The sales price is what you sold it for.  You will also enter the sales expenses which would be closing costs and other costs you may have incurred. 

The loan amount does not go into the cost or sale of the land in computing the gain or loss.