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

Level 2

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 Solution

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Level 15
Level 15

Same place as a stock sale.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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5 Replies 5
Level 15
Level 15

yes, Sch D


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Level 2

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!

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Level 15
Level 15

Same place as a stock sale.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post

Level 2

Thank you Lisa for answering my cap gains question last year.

I have another one for ya for this year...my client has small construction company (sch-c) and needs to issue a 1099 to a worker. First, how do I issue a 1099 thru Pro Series Basic, and should it be 1099-misc or the 1099-nec? I've gotten a few nec's this year where last year it would have been a -misc. 

Thank you in advance and hope you're having a good season!

Jamie/Pickle Hill Tax Service.

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Level 15

Please note that the 1099 question is already its own topic, here:

https://proconnect.intuit.com/community/practice-advice/discussion/how-do-i-issue-a-1099-misc-thru-p...

This will help your peer volunteers not to keep answering the same issue in multiple places that you asked. Now they can see it is already being addressed in the "other" place you asked and are being helped. That's why it is kinder not to ask your peers to answer the same issue multiple times. Thanks.

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