Sold a small amount of land that was given to us over 40 hrs ago. What information and forms are needed to file

[ColeenD3]

You would report the sale in the Investment Section of the program. Since it was a gift, your basis in the land is the original basis of the person who gave it to you. Subtract that amount from the sales price to get your gain. If you made any land improvements, you can add these to the basis.