I sold vacant land in another state but did not make money. How do I report this? I paid for advertising and upkeep for 13 years. Can I take deductions for expenses?

coyotewooddale83 — Fri, 12 Mar 2021 15:34:52 GMT

Re: I sold vacant land in another state but did not make money. How do I report this? I paid for ...

HelenC12 — Fri, 12 Mar 2021 17:51:01 GMT

To enter the sale of your land, see Where do I enter the sale of a second home, an inherited home, or land on my 2020 taxes?

Note: If the land was held for personal use, generally, property held for personal use is a capital asset.

A gain from the sale or exchange of that property is a capital gain and taxable.
A loss from the sale or exchange of that property is not deductible.
You can deduct a loss relating to personal-use property only if it results from a casualty or theft.

You may also need to file a tax return in the other state. See Why would I have to file a nonresident state return?

No, you can't deduct the upkeep expenses you had for 13 years. Miscellaneous deductions subject to the 2% limit, have been repealed for tax years 2018–2025.

Until 2018, vacant land carrying costs, such as, landscaping, insurance, and travel expenses, could be deducted as miscellaneous itemized deductions on Schedule A, but only to the extent the exceeded 2% of the taxpayer's adjusted gross income.

If the advertising cost was a part of your selling expense, yes, you may deduct it.

Re: I sold vacant land in another state but did not make money. How do I report this? I paid for ...

escannworkman — Mon, 28 Mar 2022 22:12:57 GMT

Thank you. this really helped me

topic I sold vacant land in another state but did not make money. How do I report this? I paid for advertising and upkeep for 13 years. Can I take deductions for expenses? in Deductions & credits

I sold vacant land in another state but did not make money. How do I report this? I paid for advertising and upkeep for 13 years. Can I take deductions for expenses?

Re: I sold vacant land in another state but did not make money. How do I report this? I paid for ...

Re: I sold vacant land in another state but did not make money. How do I report this? I paid for ...