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Level 2

Sale of investment property (vacant land)

I'm filling in my land sale information and there's just one box offered for "Sales Expenses" with no guidance on what I can include.  Which of these can I enter as a "Sales Expense"?

 

  1. Attorney fees (used in lieu of real estate agent)
  2. Settlement/closing fees
  3. Title insurance
  4. Excise tax
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Accepted Solutions
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Employee Tax Expert

Sale of investment property (vacant land)

You can include your attorney's fees, some of the settlement/closing fees (see below), title insurance, and excise taxes.

 

Sales expenses are listed in the sellers column of your settlement statement and include:

  • commissions
  • appraisal fees
  • broker's fees
  • legal fees
  • advertising fees
  • home inspection reports
  • title insurance
  • transfer taxes or fees
  • geological surveys
  • loan charges (points) or other fees paid on the buyer's behalf
  • any fees for a service that helped you sell your home without a broker (listing fees, promotional fliers, etc.) 

Sales expenses do not include:

  • mortgage payoffs
  • home equity loan payoffs
  • rent-back costs
  • payoff to creditors
  • property taxes
  • home owner association fees

 

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Highlighted
Employee Tax Expert

Sale of investment property (vacant land)

You can include your attorney's fees, some of the settlement/closing fees (see below), title insurance, and excise taxes.

 

Sales expenses are listed in the sellers column of your settlement statement and include:

  • commissions
  • appraisal fees
  • broker's fees
  • legal fees
  • advertising fees
  • home inspection reports
  • title insurance
  • transfer taxes or fees
  • geological surveys
  • loan charges (points) or other fees paid on the buyer's behalf
  • any fees for a service that helped you sell your home without a broker (listing fees, promotional fliers, etc.) 

Sales expenses do not include:

  • mortgage payoffs
  • home equity loan payoffs
  • rent-back costs
  • payoff to creditors
  • property taxes
  • home owner association fees

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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Returning Member

Sale of investment property (vacant land)

which version of Turbo Tax are you using to find this section to enter the fees?

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Returning Member

Sale of investment property (vacant land)

I'm using TurboTax Premier 2019. The box "Sales Expenses" does not appear when entering information on my land sale.  What version of TurboTax are you using?

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Expert Alumni

Sale of investment property (vacant land)

To enter your land sale and expenses in TurboTax Premium follow these steps.

  • Click on the Federal Taxes tab, then Wages & Income
  • Scroll down to Investment Income and select Stocks, Mutual Funds, Bonds, Other.
  • Answer yes to Did you sell any investments? 
  •  Answer no to Did you get a 1099-B or brokerage statement?   
  • Select Land from the list of various investment sales.
  • On the screen Enter Land Sale Information and you'll be able to enter your information.  Be aware of the tiny box that says "I paid sale expenses not included in proceeds,” it must be checked.
  • Then hit "continue" and follow the prompts.
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