How do i report sale of vacant land?

[bigbrowneyes1169]

How do I report the sale of vacant land?

[Kat]

You may receive a 1099-S that you'll enter into the TurboTax program.  At any rate, you'll enter this sale under Investments.  See the instructions in the TurboTax FAQ I'm linking below.

Where do I enter the sale of land? 

[MayaD]

 You would report the sale of vacant land as a an investment sale.

To report the sale :

• Select Federal Taxes tab,
• Go to Wages & Income 
• scroll down to Investment Income 
• Select Stocks, Mutual Funds, Bonds, Other.
• Respond "yes" to Did you sell any investments? 
• You'll then be asked Did you get a 1099-B or brokerage statement? 
• you'll answer "no."  Then you'll be shown a list of various investment sales and you'll select "land."
• You'll be taken to the screen that says Enter Land Sale Information and you'll be able to enter your information.  

If you received a 1099-S form enter the amount of gross proceed as it is on the form then add the deductions/expenses to the cost basis of the land