Vacant land sold at a loss

Forum|Forum|2 years ago
March 8, 2024
1 reply
4 views

We purchased a lot in Homosassa FL in 2004 for $120,000 and sold it in 2023 for $35,000. I received a 1099S from the title company.

When I enter these amounts and dates in TT as per instructed using the investment sales Q&A, the calculated loss in $0. Am I doing this properly and if not what should I do differently please?

Many Thanks!

GJM

DoninGA

Level 15

The loss on the sale of real property used only for personal purposes is not entered on a tax return.

gmajewsk99Author

Level 2

How about an investment property sold at a loss? Could that be considered a capital loss?

Thank you,

Glo

DoninGA

Level 15

@gmajewsk99 wrote:

How about an investment property sold at a loss? Could that be considered a capital loss?

Thank you,

Glo

Yes.

Vacant land sold at a loss

1 reply

Unlock tailored help options in your account

Get answers to all your tax questions

Unlock tailored help options in your account

Get answers to all your tax questions

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded