sale of soil

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  • sdtaxman
    Member
    • Nov 2006
    • 73
    #1

    sale of soil

    I am not sure where to report sale of soil on a partnership return. The partnership scraped off the black dirt to level the lot and created a pile of soil. it is now 3 years later and they sold the soil.
    Tags: None
    • Burke
      Senior Member
      • Jan 2008
      • 7068
      #2
      Well, I would venture to say you have a sale of "land" to report on a Schedule D, but I don't know how you are going to figure the basis! I would probably use the cost of the scraping and let it go at that.
      Last edited by Burke; 03-21-2015, 06:45 PM.

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        • Roland Slugg
          Senior Member
          • Aug 2006
          • 1860
          #3
          Agree. Sale of land ... a LTCG. Report on Schedule D (via F-8949). Basis = Cost of scraping plus any other costs related to the sale.
          Roland Slugg
          "I do what I can."

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