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February 24, 2025
Question

Where do you enter the sale of a piece of land in Turbo Tax?

  • February 24, 2025
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    1 reply

    February 24, 2025

    I am assuming the land sold was for personal use or an investment, and not used in any trade or business.  You report it similar to the same way you would report the sale of stock or bonds that weren't reported on a 1099-B.  To report in TurboTax Online:

     While working in your return:

     

    • In the income section, Select "Investments and Savings...."
    • On the page "Did you have investment income in 2024?"  Answer Yes
    • On the page "Let's Import your tax info" click on "Enter a different way"
    • Select "Other" on the OK let's start with one investment type
    • On the page with "Tell us more about this sale" enter the name of the agent or agency
    • On the next page, select "Land - Personal Use" or "Land - Investment Use"
    • Indicate how you acquired the land, and enter your purchase and sale information, and use the amount on your 1099-S for the proceeds, if you received one 
    • On the next screen, indicate if you had any sales expenses not reflected in the amount of the 1099-S
    • Enter your sales expenses, if applicable.
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