You will need to enter the sale of this land in the investments section of TurboTax.
1. After you log in to your TurboTax Online account, click on Review/Edit under Income & Expenses.
2. On the income summary screen, scroll down to Investments and savings. Click Start or Revisit next to Stocks, Cryptocurrency, Mutual Funds, Other.
3. If this is your first time entering investments, click yes on the screen asking if you had investment income in 2024. Otherwise, click Add investment.
4. On the screen asking to import your tax information, click the button that says Enter a different way.
5. On the next screen, choose Other and then Continue.
6. Enter information about the sale of the land.
You can allocate some of the original purchase price to this piece of land and report it as your cost basis to reduce your gain. If you do this, you will need to make sure you adjust your purchase price for this amount if you eventually sell the property.
You can also choose to leave this field blank and report the full sale price as a gain. In this case you won't need to adjust your purchase price in the future.
