My wife and I purchased some property to build on in June of 2018, but due to some circumstances, we sold the lot in May of 2019, which means we owned it for less than a year. We also sold the property for slightly more than what we purchased it for, which I'm assuming means we have to claim some Capital Gains on the purchase. Where (Federal or State) do we enter this information? I couldn't seem to find it as I was going through Turbo Tax. Any help would be greatly appreciated.
Thank you in advance!
To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.
Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales
On the next screen, click Yes
On the next screen, click No
On the next screen, choose the option that pertains to the type of investment sale you are reporting and continue with the section until it completes.
Many thanks for providing this information. Unfortunately, I'm still a little (very) confused. I'm at the page to enter the Land Sale Information, but it's asking for the Net Proceeds, and I'm not sure how to calculate this. Is this straight up purchase price vs. sale price? Not sure how granular I need to get. I have the purchase and sale contracts, but there are a LOT of numbers on them, and I'm not sure which one's to use. lol
The proceeds of sale is the actual selling price, probably a number by that name on your sale settlement sheet.
Total amount paid is the basis in the land sold. That would include the original purchase price, the cost of other improvements, settlement fees and closing costs upon the purchase of the property. See here.