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I sold land in 2017. I sold it for less than I purchased it for in 2005. Will I have to pay tax on this as income or can I claim a loss and not pay tax?
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If held for investment purposes then you could claim a long term capital loss. You would need to use the Premier or Self-Employed online editions to report the sale.
To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Under Investment Income
- On Stocks, Mutual Funds, Bonds, Other, click the start or update button
Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales
On the next screen, click Yes
On the next screen, click No
On the next screen, choose Land and continue with the section until it completes.
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