capital gains

Forum|Forum|4 years ago
March 17, 2022
1 reply
9 views

I sold an undeveloped lot in 2021, which I bought in 2017. How do I enter this on Turbo tax premier so that capital gains can be calculated. Thanks.

bosso3

Level 7

You are correct, you need to file capital gains.

To find the TurboTax conversation & forms for capital gains,

1) Click on the "Search" option in the upper right corner, by the magnifying glass.

2) Type "Capital Gain" in the search text entry box.

3) Click on the "Jump to Capital Gains" link.

This should take you to the conversation for entering your information.

The result of this conversation should be seen on Schedule D - Capital Gains and Losses.

Remember to include all of your costs of obtaining the property in your basis.

Some settlement fees and closing costs you can include in your basis are:
• Abstract fees (abstract of title fees),
• Charges for installing utility services,
• Legal fees (including fees for the title search and preparing the sales contract and deed),
• Recording fees,
• Survey fees,
• Transfer or stamp taxes, and
• Owner's title insurance.