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June 4, 2019
Question

How do I report the sale of vacant land in another state?

  • June 4, 2019
  • 2 replies
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2 replies

June 4, 2019

You may need a state return if you had a gain. If that is the case set up the information in Personal Info that you had income from another state first, so that the information can transfer from what you enter below.

Sale of land gets reported in TurboTax as a sale of an investment.

  • Within your return, select Federal Taxes tab
  • Select Wages & Income tab
  • On "Your income" page, click Start button for Stocks, Mutual Funds, Bonds, Other
  • On "Did you sell any investments in 2017?", click on Yes button
  • On next page, answer whether or not you received a 1099-B or a brokerage statement for the sale
  • On next page, "Choose the type of investment you sold", select radio button for Land and click on Continue button
  • Enter the details of your land sale on the next page, "Enter Land Sale Information" and click on Continue button
  • On next page, select radio button for the way in which you acquired the land and click on Continue button
  • On next page, "Any Business or Rental Use?", indicate how you used the land and click on Continue button
  • On next page, "Enter Cost Information", enter Date Acquired and Original Cost and click on Continue button
  • TurboTax will then calculate your gain on the investment in land, indicate whether it's short- or long-term, and indicate your Proceeds and Cost Basis
  • You can proceed further and add any additional similar investment sales in like fashion

March 14, 2020

I sold the land from the state of Louisiana. Does this mean I have to filed a Louisiana state tax return, even though I live in Virginia? 

April 11, 2023

I sold 2 vacant lots in Florida.  I live in New Mexico.  Net gain was $2000.   A 1099-B was used by the broker.  I paid NM state income tax.  Do I also have to file a Florida State Tax return? 

 

RobertG
March 14, 2020

Yes, you probably have to file a Louisiana return.

 

The Louisiana Department of Revenue website states:

 

Louisiana residents, part-year residents of Louisiana, and nonresidents with income from Louisiana sources who are required to file a federal income tax return must file a Louisiana Individual Income Tax Return.

 

@wtownsfma

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