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R
remingr
March 8, 2020
Question

I purchased land and put a home on it then sold it, how do I input adjusted costs for this type of situation?

  • March 8, 2020
  • 1 reply
  • 0 views
No text available

1 reply

M
mglauner
March 8, 2020

If the home and land were your personal residence, you don't have to enter the sale in TurboTax, if you meet the qualifications for the Home Sale Exclusion. 

 

If it was Rental Property, you can adjust the Cost Basis of the Property when you report the Sale in the Rental section.

 

Here's how to report the Sale of Rental Property.

 

If it was considered Investment Property, report it as a sale in the Investment Income section as the sale of a second home.

 

Click this link for info on how to Report the Sale of Investment Property.

 

 

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