My wife and I bought land for 50k in 2013. We recently sold it in 2016 for 75k. We recieved a 1099-s form in the mail for the sell. Does the sell have to be reported?

[Kristina-l-manns]

We never lived there but had plans to build a house on the land which eventually fell through.

[DoninGA]

Yes the sale of the land has to be reported on your tax return.

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Under Investment Income
• On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen.  Click on Jump to investment sales

On the next screen, click Yes

On the next screen, click No

On the next screen, choose the option for land and continue with the section until it completes.