Depending on what the property was used for changes how you would report the sale on your individual income tax return.
Sale of your Main Home:
The sale of your Main Home is recorded:
- Federal Section
- Income
- Capital Gains and Losses
- Sale of Main Home Worksheet
See this KB article for more details: How do I report the sale of my main home?
Sale of Inherited or Vacation Property:
To report the sale of inherited or vacation property, visit the
- Federal Section
- Income
- Capital Gain/Losses Schedule D
- Capital Gain/Loss Item
Make sure all eligible expenses are included in the cost/basis.
See How do I report the sale of inherited property? for more details.
Sale of Rental Property:
The sale of a rental property is reported:
- Federal Section
- Income
- Less Common Income
- Form 4797 Sale of Business Property
See What is Form 4797, Sales of Business Property and How do I report the sale of my home if part of the home was rented out? for more details.
Sale of Timber
The sale of timber is reported as a capital gains transaction:
- Federal Section
- Income
- Capital Gain/Losses Schedule D
- Capital Gain/Loss Item
See How do I report the sale of timber reported on Form 1099-S ? for more details.
Sale of Land
The sale of land is also reported as a capital gains transaction:
- Federal Section
- Income
- Capital Gain/Losses Schedule D
- Capital Gain/Loss Item