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redhills5
Returning Member

Where to report capital gain on the sale of land that was owned by my business?

Hello!

I recently sold a piece of vacant land that I had purchased a few years ago under my business's name (single member LC) as an investment. The sale resulted in a capital gain, and I would like to report it as such on my Schedule C. However, I'm having difficulty locating the appropriate section in TurboTax to input this information under business activities.  As a result, I believe I may need to report the capital gains on Schedule D of my personal tax return (Form 1040), although that would not be correct since the property was not on my personal name.  Please advise.

 

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2 Replies
MinhT1
Expert Alumni

Where to report capital gain on the sale of land that was owned by my business?

Your single-member LLC is a disregarded entity for tax purposes.

 

You'll report the sale of land by your LLC on your personal tax return as if you own the land.

 

In TurboTax Online, you can enter the sale of land by following these steps:

 

  1. Open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income 
  3. Locate the section Investments and Savings and click on the down arrow on the right
  4. Click Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
  5. Answer Yes to the question: Did you sell any investments?
  6. Answer No to the question: Did you receive a form 1099-B or brokerage statement? Or Select Other
  7. Select Land (other investment purpose) from the list of investments.
  8. Follow the TurboTax interview to enter your information. If you incur sale expenses, you can subtract them from the proceeds.

 

 

 

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redhills5
Returning Member

Where to report capital gain on the sale of land that was owned by my business?

Thank you!

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