DianeW777
Expert Alumni

Deductions & credits

The loss on a home sale does not get used against other income and is not a taxable loss because it was a personal use item.  

 

The land, if not attached to or included in the sale of the home would be a capital loss and reported as a sale of investment property.

 

To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?

  1. Open or continue your return.
  2. Navigate to the investment sales section:
    • TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
    • TurboTax Desktop: Search for investment sales and then select the Jump to link. 
      • Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (key being other)
  3. Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
    • If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.

@Dave813 

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