Investors & landlords
Based on your comments you do have a sale of investment property. If it was held for more than one year (one year plus one day) then you will be considered long term, if held for a shorter period it would be considered short term. The maximum investment loss allowed in one tax year is $3,000 with a carry forward of the remainder of the loss. Before this occurs, any gains will be offset by the loss and only the excess will reduce your income up to the maximum allowed in one calendar year.
You should select 'Other' as the type of investment, then you should select that your purchased it. If you had any sales expense this would be added to your cost basis. Use the steps in the link to enter your sale and see the image provided for assistance.
