You deduct this as an investment loss and enter it in the investment section of TurboTax.
Non-security investment sales are entered as follows:
- Open (continue) your return in TurboTax.
- In the search box, search for investment sales then click the "Jump to" link in the search results.
- Answer Yes to the question Did you sell any investments?
- If you land on the Here's the investment sales we have so far screen, click Add More Sales.
- Answer No to the 1099-B question.
- On the next screen, select the type of sale you had (second home, collectible, land, other, etc.) and click Continue.
- Continue following the onscreen instructions to enter the sale.
Note: You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.
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