I purchased a vacant lot in my personal name in 2020 and then built and sold a spec house in 2022 (started construction early 2022, sold end of 2022) for a loss. I have the total cost paid to the builder, some lot clearing cost, interest expenses on the construction financing, property tax on the lot, and then closing costs. Where do I best report this in TurboTax premier? Can the net loss be used to offset other ordinary income?
Thank you for the help!
