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Question

Sale of Real Estate

Forum|Forum|3 years ago
January 14, 2023
1 reply
0 views

I live in OK and sold raw land in SC. I know that I owe capital gains tax in SC but do I owe federal cap gains tax?

I cannot find where to enter the transaction in Turbo Tax.

TurboTax Home & Biz Windows

Employee

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

On the next screen click on Yes
On the following screen click on No