ThomasM125
Expert Alumni

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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