Sold land parcel

Forum|Forum|2 years ago
October 25, 2023
1 reply
9 views

Hi,

I sold a raw land parcel in 2023 and profited about $8,000 from when I bought it in 2014.

The land is in NC and I live in NC.

How do I account for that in Turbo Tax when I go to file?

Ask the Experts - Extension - Sept 2023

Ksimenson

Level 6

Congratulations on the sale of your property!!

This sale will be a long term gain because you had the property more than one year.

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. Make sure to enter any sales expenses for the land when you bought it and when you sold it, and any improvement costs.

Then hit "continue" and follow the prompts, where TurboTax will ask you follow-up questions.

Please give me a thumbs up if this was helpful.

Katie S.