Claiming the Sale of Vacant Land on Your Federal Tax Returns

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When vacant land is sold, the sale must be filed with the Internal income Service. You must report the sale on your personal federal tax return if it meets determined criteria. These contain either the land is adjacent to your original residence, if you owned or used the land as part of your original abode and either the sale of your original abode and the vacant land occurs within two years of each other.

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How is Claiming the Sale of Vacant Land on Your Federal Tax Returns

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Step 1

Calculate the behalf or loss by subtracting the selling expenses from the selling price and any outstanding mortgage balances or tax liens paid out of the proceeds of the sale. Resolve either it's a behalf or loss and the exact amount.

Step 2

Report the gain, if there was one, on program D of the 1040 federal return form. Use line 1 if it's a short-term debt, meaning that you owned the land for one year or less. Use line 8 if it's long-term, or you owned the land for more than one year.

Step 3

Report the loss, if that's the case, on program D, lines 1 or 8. The loss is not tax-deductible, but you still have to report it.

Step 4

Fill in the information linked with Lines 1 or 8 in sublines a through e. Enter the number of your gain or 0 (zero) on subline f, if it's a loss. File the form along with your personal income tax return.

Tip

If the vacant land was used for enterprise purposes or rented for income, you may be required to file Irs Form 4797 to report the sale of the vacant land.

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