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PickleHill
Level 3
July 14, 2020

Where/How to claim $30K capital gains on sale of vacant lot (personal property)?

  • July 14, 2020
  • 1 reply
  • 10 views

Client bought vacant lot for $3K in 1970 (personal use) and sold the lot for $40K in 2019.

Where/How do I claim the $37K cap gains? SchD on the same lines we use for stock sales? Some other form?

THANK YOU!!!

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    1 reply

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    July 14, 2020

    yes, Sch D

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
      P
      PickleHillAuthor
      Level 3
      July 14, 2020

      Thank you! Now, where to report this cap gains on schD? Same lines I'd use to report stock sale (purchase date, purchase price, sale date, sale price, etc?) or is there a special area of schD to report sale of personal property? again, thank you!

      Just-Lisa-Now-
      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      July 14, 2020

      Same place as a stock sale.

      ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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