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Sale of Vacant lot

Forum|Forum|6 years ago
January 27, 2020
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Where do I report the sale of a vacant lot (residential land - no house) in the Deluxe version. Owned property for 14 years so seems like it should be some kind of capital gain.

Best answer by ReginaM

You'll make the entry by clicking on the Federal Taxes tab, then Wages & Income, then scroll down to Investment Income and select Stocks, Mutual Funds, Bonds, Other.

Respond "yes" to Did you sell any investments? You'll then be asked Did you get a 1099-B or brokerage statement? and you'll answer "no." Then you'll be shown a list of various investment sales and you'll select "land."

You'll be taken to the screen that says Enter Land Sale Information and you'll be able to enter your information. Be aware of the tiny box that says "I paid sale expenses not included in proceeds," as it must be checked if applicable to you.

Select continue and follow the prompts, where TurboTax will ask you follow-up questions.

A

Anonymous_

Employee

@EdH wrote:

Where do I report the sale of a vacant lot (residential land - no house) in the Deluxe version.

You cannot report it in the (Online) Deluxe version; you have to upgrade to Premier. Otherwise, enter it in the section shown in the screenshot below.

sb.png

E

EdHAuthor

I'm not using an online version but I'm guessing that doesn't make a difference. Thanks.

ReginaMAnswer

You'll make the entry by clicking on the Federal Taxes tab, then Wages & Income, then scroll down to Investment Income and select Stocks, Mutual Funds, Bonds, Other.

Respond "yes" to Did you sell any investments? You'll then be asked Did you get a 1099-B or brokerage statement? and you'll answer "no." Then you'll be shown a list of various investment sales and you'll select "land."

You'll be taken to the screen that says Enter Land Sale Information and you'll be able to enter your information. Be aware of the tiny box that says "I paid sale expenses not included in proceeds," as it must be checked if applicable to you.

Select continue and follow the prompts, where TurboTax will ask you follow-up questions.

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B

BOscar1933

where do I enter the sale of a vacant lot in TurboTax deluxe

Critter-3

The sale of land is reported on sch D.

Go to income section

1. click on Add More Income

2. scroll down to Investment Income

3. Show more

4. Select Stocks, Mutual Funds, Bonds, Other

5. Start: Continue answering the questions.

Select Yes,
1099-B? - Select no
Select I'll enter one sale at a time
the boxes appear for your entries for the lot

D

dluhman

I live in Iowa. I sold a vacant lot in Minnesota. Where do I record this sale for income..., since I have a long term ownership (1974 to 2020) and have a large capital gain?

DawnC

Employee

To enter the sale on the federal return, it (long-term capital gain) gets reported as an investment sale. Where do I enter the sale of a second home or vacant land on my 2020 taxes?

The capital gain resulting from the sale is Minnesota's income. Enter the sale on your federal return and then TurboTax will generate a nonresident income return for Minnesota (and a resident return for Iowa). On your federal tax return, in the personal information (My Info) section, make sure to indicate that you have income from MN in the ''Other State Income'' field. These instructions are included in the link below.

How do I file a nonresident state return?

@dluhman

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