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EdH
Level 1

Sale of Vacant lot

Where do I report the sale of a vacant lot (residential land - no house) in the Deluxe version. Owned property for 14 years so seems like it should be some kind of capital gain.

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Accepted Solutions
ReginaM
Expert Alumni

Sale of Vacant lot

 You'll make the entry by clicking on the Federal Taxes tab, then Wages & Income, then scroll down to Investment Income and 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? and 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.  Be aware of the tiny box that says "I paid sale expenses not included in proceeds," as it must be checked if applicable to you.

 

Select continue and follow the prompts, where TurboTax will ask you follow-up questions.

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tagteam
Level 15

Sale of Vacant lot


@Greenyob wrote:

....How are we supposed to enter sale of land if the only option for what was sold are related to sales reported on form 1099-B?  


Simply indicate that the sale was not reported on Form 1099-B and proceed from that point.

 

The proper calculations are now done programmatically.

 

 

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41 Replies
tagteam
Level 15

Sale of Vacant lot


@EdH wrote:

Where do I report the sale of a vacant lot (residential land - no house) in the Deluxe version. 


You cannot report it in the (Online) Deluxe version; you have to upgrade to Premier. Otherwise, enter it in the section shown in the screenshot below.

 

sb.png

EdH
Level 1

Sale of Vacant lot

I'm not using an online version but I'm guessing that doesn't make a difference. Thanks.

ReginaM
Expert Alumni

Sale of Vacant lot

 You'll make the entry by clicking on the Federal Taxes tab, then Wages & Income, then scroll down to Investment Income and 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? and 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.  Be aware of the tiny box that says "I paid sale expenses not included in proceeds," as it must be checked if applicable to you.

 

Select continue and follow the prompts, where TurboTax will ask you follow-up questions.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

EdH
Level 1

Sale of Vacant lot

I found it. Thanks.

ReginaM
Expert Alumni

Sale of Vacant lot

You are welcome! 

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jbecklehimer
New Member

Sale of Vacant lot

I did as you said and made it through part of it.  I received a 1099-S and block 2 is Gross Proceeds where has turbotax is asking for Net Proceeds.  My gross proceeds were 21K but I paid 130K for the vacant lot years ago, before the 2008 bust.  What should I put in the net proceeds block?

KrisD15
Employee Tax Expert

Sale of Vacant lot

The difference between Gross and Net are closing cost, such as commission you may have paid. 

Next the program will ask for basis, and that is where you would enter what you paid for it (plus any expense for improvements). 

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KStanley1970
New Member

Sale of Vacant lot

How do I account for the mortgage for the vacant lot?  Is that subtracted from the Gross price, as well to come to the Net proceeds?

ColeenD3
Employee Tax Expert

Sale of Vacant lot

The mortgage has nothing to do with the sale. Mortgage interest is entered on Schedule A as an itemized deduction. It is not a sales expense and does not reduce the gain.

 

Sales expenses 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

 

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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edstep
Returning Member

Sale of Vacant lot

I am currently using Turbo Tax Deluxe and am trying to enter my 1099s for sale of a pierce of land `(RV lot)

 

and my product is not giving me what I should see

 

after I selected NO  did i receive a 1099B it doesn't reference a second home sale or land

edstep
Returning Member

Sale of Vacant lot

I do not see land on my screen

DoninGA
Level 15

Sale of Vacant lot


@edstep wrote:

I do not see land on my screen


The Investment Sale section of the TurboTax program has not yet been finalized.

The Schedule D and Form 8949 are scheduled to be available on 01/14/2021 (subject to change)

edstep
Returning Member

Sale of Vacant lot

thanks it was driving me nuts

kuijper1
Level 2

Sale of Vacant lot

Hi, I have sold a vacant lot in 2020 and followed the advice below. However, if I click that I have not received a 1099-B it does not take me to another list ... it shows a page with the header "tell us about this sale" and in blue font "Sale #2", although I have not filled anything in yet. Can you help?

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