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Can I claim any loss on form 8949 for a purchased vacant land in 1973, sold at a loss in 2020, not rental and not business?

 
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4 Replies

Can I claim any loss on form 8949 for a purchased vacant land in 1973, sold at a loss in 2020, not rental and not business?

You have a loss after holding the land for close to 50 years?

 

The loss can be deducted as a capital loss provided the land had been held for investment purposes.

Can I claim any loss on form 8949 for a purchased vacant land in 1973, sold at a loss in 2020, not rental and not business?

This is great, the problem from the beginning is the new programming by TurboTax which does not allow any entry to change or add.  Total loss of time and money.

Hal_Al
Level 15

Can I claim any loss on form 8949 for a purchased vacant land in 1973, sold at a loss in 2020, not rental and not business?

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in  Home & Business)

 - Wages & Income

Scroll down to:

-Investment Income

   -Stocks, mutual funds, Bonds, Other (Real estate is other)

Answer no, when asked if you got a 1099-B. then follow the interview. When asked if used for business or rental, check "other investment purpose"

Can I claim any loss on form 8949 for a purchased vacant land in 1973, sold at a loss in 2020, not rental and not business?

Was there personal use of the land?  Did you intend to use it for personal use, or was the intention for investment purposes?

 

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