WE SOLD A PIECE OF PROPERTY FOR 60000.00 WE owned the property for 40 years we purchased it for 5000.00 and paid 78.00 per yea

This would be a sale of an investment, assuming it wasn't used as a rental or other business activity.  Have the cost, selling price and purchase/sale expenses ready for your entry. The maintenance is not a part of the cost and is not allowed to be deducted or used against the selling price. 

To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?

1. Open or continue your return.
2. Navigate to the investment sales section:
   • TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
   • TurboTax Desktop: Search for investment sales and then select the Jump to link. 
     • Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
3. Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
   • If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.

• NOTE: If the other expense mentioned is property taxes, they are not allowed to be used on the sale.  If you itemize deductions any property taxes paid in 2024 could be allowed as a deduction.  
  • The deduction for state and local taxes is generally limited to $10,000 ($5,000 if married filing separately). State and local taxes subject to this limit are the taxes that you include on lines 5a, 5b, and 5c.
    • Schedule A Instructions