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Hello. My name is ***** ***** I'll be the Expert assisting you today. I look forward to helping you with your issue today. Enter the total from the Form 8949 that includes your vacant land sale, along with the totals of any other Forms 8949 required for your particular tax situation. Transfer the sum total gain or loss from Schedule D to your Form 1040. Include Form 1040, Schedule D and all copies of Forms 8949 with your tax return. The basis of property would be $0.
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8949 is a tax form needed to be prepared and completed with your personal return. You would include the information relating to the sale for the land on this form including the description of the property (land) and the date acquired, date sold, proceeds (sale prices) and cost basis. Since it was held for more than a year it would be a long term capital gain.
Are you using a tax software? If not I have attached the file.
There should be an area to include the "disposition of assets" during the interview screens.
Yes, it would be under the income section. perhaps called "dispositions" or "disposals". It will flow to Schedule D. Perhaps there is a way to work backwards from Schedule D.
Include the proceeds less any closing costs. IF you sold it for $100,000 and there was $5,000 in costs then report $95,000.
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