what form do I use for the capitalized carrying costs for the vacant lots now that they have been sold? I see that schedule E is for rental property, is there something different for investment lots of land specifically under 266?
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it's a sale of capital assets so gets reported on form 8949/schedule D. the taxes are part of the basis for determining capital gain or loss.
Is there a section under the step-by-step of turbo tax premier software that I can enter it in on? Do I add it to the cost basis directly? or do I need to go into the forms section and add it on the 8949/schedule D worksheets manually?
When entering the sale of the investment, the cost basis should include the original purchase price plus any additions to basis.
Report the sale by following these steps:
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