Question

Selling Land

Forum|Forum|4 years ago
January 25, 2022
1 reply
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I bought a piece of land a couple of years ago for 79,000 I than sold the land last year for 99,000. I had a real estate agent sell the land which commision was 7,000. Where do I report this? What form should this be on? Using turbo tax I dont understand what sectioon to report this?

M

MinhT1

You can enter the sale of land by following these steps:

In TurboTax, open your tax return
Click on Federal in the left-hand column, then on Wages & Income on top of the screen
Scroll down and locate the section Investment Income and click on Show more
Click Start next to Stocks, Mutual Funds, Bonds, Other
Answer Yes to the question: Did you sell any investments?
Answer No to the question: Did you receive a form 1099-B or brokerage statement?
Select Land from the list of investments.
Follow the TurboTax interview to enter your information. If you incurred sale expenses, you can subtract them from the proceeds.