@uscholdm wrote:
But the write-off is still only $3000. I understand that if the land was never for personal use, then I can write off the full loss, per earlier in this thread.
@uscholdm I'm not sure what you mean by "the write-off." The full amount of the loss should be in column (h) on Form 8949. But you don't necessarily get to deduct it all in one year. Capital losses are first used to offset any capital gains. If your losses are more than your gains, up to $3,000 of the remaining loss will be used to offset ordinary income. If you have a $3,000 loss on Form 1040 line 7, that's the amount that is being used offset other income. Any additional loss is carried over to future years.
