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March 9, 2024
Question

sale of farm land

  • March 9, 2024
  • 2 replies
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We bought and sold farm land in the same tax year. There is no crop sale to account for. We have the sale disclosure and the 1099S from the sale. All we had was Interest expense on the loan and taxes paid. Where do we enter all of this information?

Thanks

    2 replies

    March 12, 2024

    Try selecting the Search icon and entering 1099-s. That should bring up a link to where you enter your information.

    March 13, 2024

    This is an investment sale. Interest expense would not be allowed since it was not your home, property taxes would be deductible on itemized deductions if you use that.  Any purchase expenses and sales expenses will reduce the gain or increase the loss on the sale. No loan proceeds would be used per se, the purchase price will be used.

     

    Land sales are reported by using the following instruction.

    1. Federal Taxes tab, then Wages & Income, then scroll down to Investment Income and select Stocks, Mutual Funds, Bonds, Other
    2. Respond "yes" to Did you sell any investments?  You'll then be asked Did you get a 1099-B or brokerage statement? answer "no."
    3. Enter one sale at a time
    4. Enter Land Sale Information Be aware of the tiny box that says "Reported sales price did not deduct all fees of selling expenses," as it must be checked if applicable to you.
    5. Continue to follow the prompts to complete your sale
    6. See the image below for assistance.

                             

     

    @jg1956 

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