Question

Selling of farm land in trust and where to enter deductions for closing fee and taxes

Forum|Forum|1 year ago
February 5, 2025
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Terminate trust this year with acreage that sold in two parcels. Enter sell of land in Investment Income under Stock, Mutual Funds, Bonds, Other. No place to enter closing cost and taxes from selling of property to help reduce capital gains. Using the business download.

TurboTax Business Windows

PatriciaV

Employee

Closing costs are deducted from the sales proceeds and reduce any gain. Property taxes paid at closing are a trust expense.

When entering the Sale of an Investment, check the box for "Add More Details" and "Start." Then continue to check the box for "proceeds are too high because of sales expense." Enter the closing fees in the sales expense box.