Selling home under construction at a loss

[coyote999]

We were building a home about 150 miles from us. We ran out of money and cannot complete the home. It was going to be our primary residence. Construction has stopped. We have a primary residence that was to be sold upon completion. The house under construction is now on the market and it will not sell for what we have put into it. We have all receipts. Will we be able to claim a loss for this home?

[DoninGA]

Residential real estate that is for personal use only and is sold at loss is not reported on a tax return.

[Critter-3]

It is reported on a tax return since a  1099-s will be issued however the loss is not deductible.