Rental property sale gain offset by sale of land

I sold some land in 2019 for a loss, can I take the loss from this land sale to offset the gains from sale of rental property also sold in 2019 - If yes where should I enter the proceeds from land sale.

thanks

posted

Vacant land (nnless it is adjacent to your home) is considered an investment and should be treated as a capital asset. And capital loss on the sale of land can be used to offset other capital gains.

To report your land sale, please follow the instructions in this TurboTax answer.

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