Question

Sale of vacant land

Forum|Forum|1 year ago
March 31, 2025
1 reply
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I am using turbo tax premier. Can anyone share with me where to report the commissions to offset the gross purchase price? It does not allow me to do so in the sale of business property section for reporting income.

M

Mike9241

as basis per Turbota include
1. Original cost, including sales tax, purchase expenses, etc.

PLUS
2. Improvements (with a useful life of more than one year)
3. Nondeductible assessments for improvements (sidewalks, utilities,
etc.)
4. Any selling expenses
MINUS
5. Casualty and theft losses

In the amount box for the basis, you can right-click on it and then click on add supporting detail. This allows Turbotax to do the addition.