You'll need to sign in or create an account to connect with an expert.
Your description of the process does not happen in the desktop version. The only option one has is to add the sale of a stock.
The look up thru the thread ... someone posted the downloaded version's screenshots ... you are making a form 8949 entry exactly like entering a stock sale so indicating it was land is immaterial.
where do I enter the sale of a vacant lot in TurboTax deluxe
The sale of land is reported on sch D.
Go to income section
1. click on Add More Income
2. scroll down to Investment Income
3. Show more
4. Select Stocks, Mutual Funds, Bonds, Other
5. Start: Continue answering the questions.
I have Turbotax Premier and I am trying to record a vacant land sale with a 1099S. I go to Investments to edit and say NO to 1099B and no list comes up to show land. I have tried everything and can't find how to input a land sale. HELP
Richard
You must report the sale of vacant land as a capital gain or loss. Form 8949, "Sales and Other Dispositions of Capital Assets," is used to figure the amount of gain or loss from the sale.
You cannot report it in the (Online) Deluxe version; you have to upgrade to Premier.
To report the sale :
That is NOT what happens in 2020 version of Deluxe or Premier
however it does populate the correct form to the IRS
A land sale is considered a sale of an investment. To report this in TurboTax, please follow these steps:
TurboTax Online
TurboTax CD/Download
Screenshot #1
Screenshot #2
I can see that
However in 2019 Turbo Tax handled it completely different
I live in Iowa. I sold a vacant lot in Minnesota. Where do I record this sale for income..., since I have a long term ownership (1974 to 2020) and have a large capital gain?
To enter the sale on the federal return, it (long-term capital gain) gets reported as an investment sale. Where do I enter the sale of a second home or vacant land on my 2020 taxes?
The capital gain resulting from the sale is Minnesota's income. Enter the sale on your federal return and then TurboTax will generate a nonresident income return for Minnesota (and a resident return for Iowa). On your federal tax return, in the personal information (My Info) section, make sure to indicate that you have income from MN in the ''Other State Income'' field. These instructions are included in the link below.
How do I file a nonresident state return?
Using Premier desktop. Did you get a 1099-B or brokerage statement? I answer NO and the next screen is: Tell us about this sale. I can't get to the Enter Land Sale Information screen.
THANK YOU
Thanks for explaining this. I am doing taxes for 2021 and could not find 'land" either as we sold a piece of land (investment only) at a loss.
To enter your land sale, follow these steps:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
cparke3
Level 4
johnjames9
Level 2
acmeacme
New Member
glabold
New Member
mstruzak
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.