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Level 1
April 16, 2023
Question

Can property loss help lower taxes owed?

  • April 16, 2023
  • 2 replies
  • 5 views
we sold some land and loss a considerable amount of money in the sale- bought for 32,000 sold for 16,000

    2 replies

    DoninGA
    Level 15
    Level 15
    April 16, 2023

    Loss on the sale of land used for personal purposes is not reported on a tax return.

    Mike9241
    Level 15
    Level 15
    April 17, 2023

    for what purpose did you buy it? 

    Mike9241