TurboTax Premier online (or higher) is required to report the sale of land. You’ll make the entry by clicking on the Federal Taxes tab, then Wages & Income, then scroll down to Investment Income and select Stocks, Mutual Funds, Bonds, Other. Respond “yes” to Did you sell any investments?

Which TurboTax for sale of land?

For sale of inherited land, TurboTax Deluxe is the version to use. TurboTax Premier is for people who are renting real estate or selling stocks and bonds.

Does TurboTax have Form 8949?

TurboTax will automatically generate Form 8949 when you report the sale or disposition of capital assets. For example, when you enter stock sales reported on Form 1099-B, TurboTax will generate the 8949.

How to report sale of land on TurboTax?

June 4, 2019 3:11 PM TurboTax Premier online (or higher) is required to report the sale of land. You’ll make the entry by clicking on the Federal Taxes tab, then Wages & Income, then scroll down to Investment Income and select Stocks, Mutual Funds, Bonds, Other.

How long does it take to depreciate land in TurboTax?

Land is not depreciable (it doesn’t wear out), but land improvements such as roads, sidewalks or landscaping may be written off over periods of 10, 15 or 20 years depending on the specific nature of the asset. NOTE: When you use TurboTax Business and TurboTax Home & Business software to prepare your business tax return, we do the math for you.

How can I log in to my TurboTax account?

Login to your TurboTax account to start, continue, or amend a tax return, get a copy of a past tax return, or check the e-file and tax refund status. This app works best with JavaScript enabled.

Do you get more deductions with TurboTax?

Additionally, if you live in a county or municipality that charges an additional rate of tax, such as New York City, you can increase your sales tax deduction even more. TurboTax will take care of these calculations to ensure that you get the best deductions for your specific situation.