Land Sales
Menu Path: Income > Common Income > Investments and Savings (1099-INT/DIV/B/DA)
Enter on the Stock or Investment Sale Information screen. You will enter the amount you paid for the land as the cost or basis. You will report the amount you received from the sale of the land as the sales proceeds.
If your land was held for personal use, losses can't be deducted. However, gains from personal use land are taxable.
If you held land for investment, losses can be deducted, and gains are taxable.
If you receive a 1099-S for your land sale, we'll help you report it to the IRS. If the land was held for personal use and you had a loss, we'll include adjustment code "L" with the amount of the loss on your Form 8949 to stop the loss from being deducted.
If you didn't receive a 1099-S and your personal land sale resulted in a loss, you don't need to include the sale on your tax return.
Where do I enter assets that have been used for both business and personal use?
What if I sold land next to my main home?
Enter on the Stock or Investment Sale Information screen. You will enter the amount you paid for the land as the cost or basis. You will report the amount you received from the sale of the land as the sales proceeds.
If your land was held for personal use, losses can't be deducted. However, gains from personal use land are taxable.
If you held land for investment, losses can be deducted, and gains are taxable.
If you receive a 1099-S for your land sale, we'll help you report it to the IRS. If the land was held for personal use and you had a loss, we'll include adjustment code "L" with the amount of the loss on your Form 8949 to stop the loss from being deducted.
If you didn't receive a 1099-S and your personal land sale resulted in a loss, you don't need to include the sale on your tax return.
Where do I enter assets that have been used for both business and personal use?
What if I sold land next to my main home?
