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We sold personal property (land) and made a profit. Where do I enter expenses / improvements to offset capital gains?

 
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2 Replies

We sold personal property (land) and made a profit. Where do I enter expenses / improvements to offset capital gains?

When you are asked for the cost basis  that amount is the total of  the original purchase price + cost to buy(if any) + costs to sell (if any)  + improvements made while you owed it.   You enter only ONE figure in the program.  

DMarkM1
Employee Tax Expert

We sold personal property (land) and made a profit. Where do I enter expenses / improvements to offset capital gains?

You will enter the details of the sale in the "Wages and Income" section.

 

  1. Use the "Investments and Savings" drop down.
  2. Locate the "Stocks, Cryptocurrency..." topic.
  3. You will see "Land" listed as "Other" select "Yes"
  4. Continue to the page titled "Let's start with one investment"
  5. Select the "Other" tile and continue
  6. If you are not in Premier you will be asked to upgrade to handle the sale
  7. Once you upgrade you will be asked to enter the sale and cost information
  8. Select "Land (personal use)" from the type of investment
  9. Enter description and other requested information 
  10. Proceeds are the sale price per any form 1099-S you might have received
  11. The cost is what you originally paid plus any improvement costs over the years
  12. Next you will have the chance to indicate any sales expenses you might have incurred that were not already excluded on your 1099-S (Broker fees, transfer fees, document prep/delivery fees, etc).
     
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