what irs forms are both income and expenses from a land sale reported

Land sale may or may not have a 1099-S for the sale of the land.

• If not, your proceeds would be the amount of the sale.

Basis (the amount you paid for the land) will also be affected.

• Land improvements
• Other adjustments include information on closing documents for both purchase and sale of the land.

Open land is considered an asset and would be posted similar to a stock.

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, 
3. Then on Wages & Income 
4. choose Investments and Savings and click on the down arrow on the right
5. Click on Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
6. Did you sell any investments?
   1. yes
7. Did you receive a form 1099-B or brokerage statement? 
   1. No
8. Select Land (other investment purpose) from the list of investments.
9. Follow the TurboTax interview to enter your information. 
   1. If you incur sale expenses, you can subtract them from the proceeds.