How do I enter two land sales and a sale of the rented farm buildings into turbotax Business

[WItrust]

I am working on a tax return for a trust that sold three parcels of inherited land in 2024.   We have three parcels left to sell.  Stepped up basis was established in 2022 through a detailed appraisal that lists basis by parcel. 

The first parcel we sold contains land and farm buildings that were rented.   Parcels 2 and 3 were raw land sales, no rents involved with those.

Where in Turbotax business do I enter the parcel 1 sale ?  Remember, this has rents and expenses incurred.  Does the sale have to be tied to the rental income?  or can it be entered as a home sale?  

Where in Turbotax business do I enter the raw land sales?  

[PatriciaV]

In TurboTax Business for Form 1041, rental activity is reported under Federal Taxes >> Income >> Rentals and Royalties. Set up the property, add income, expenses, and the depreciable assets. Then go back the property profile and report that it was sold. TurboTax will lead you through the entries. As a rental home, this transaction cannot be reported under "Home Sales."

Report the raw land sales under Federal Taxes >> Income >> Stocks, Mutual Funds, Bonds, etc. using "No Financial Institution" as the institution name.