@djsult wrote:
It was NOT a business. It was private property - a home, garage and a barn.
If the property was held for personal use, then you cannot recognize a loss on the sale but you are subject to capital gains tax if you have a gain.
If the property was held for investment, you can recognize a loss and also are subject to capital gains tax if you have a gain.
Either way, the transaction is reported on Form 8949 and Schedule D. In TurboTax, you would enter the sale in the same manner as if you had sold a stock, bond, or mutual fund.
