Skip to main content
March 6, 2025
Question

Sold a building lot we held for approximately 22 years for a nice profit.

  • March 6, 2025
  • 1 reply
  • 0 views

We purchased the lot in Sept of 2002 for $49,000.  Never built anything on it.

We sold the lot on in May of 2024 for $100,000. cash sale.

We have all of buy and sell paper details. Individuals names etc.

How do I report this?   Thank You!

 

 

1 reply

March 6, 2025

You report that as an investment sale.

 

You enter investment sales in the Wages and Income section of TurboTax, then Investments Sales, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents. Choose Other as the type of investment you want to enter. You'll come to a screen where you can enter in your sales proceeds and cost basis:

 

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"