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Business & farm
Since the lot was not rented or used for business, the loss on sale of it would be a capital loss, the aggregate of which is limited to $3,000 per year on your tax return.
You would report it as an investment sale as follows:
While in the Federal section of TurboTax:
1. Income and Expenses
2. Investment Income
3. Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Choose the category of investment you want to enter and follow the instructions to enter your investment sale.
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March 17, 2022
1:54 PM