topic Where do I enter loss selling vacant res. lot in 2015 on my 2018 taxes? In 2015 claimed sale as income, never deducted $3000/yr ea yr after to reach total loss I took? in Deductions & credits

Where do I enter loss selling vacant res. lot in 2015 on my 2018 taxes? In 2015 claimed sale as income, never deducted $3000/yr ea yr after to reach total loss I took?

kayzue2010 — Sat, 01 Jun 2019 18:19:11 GMT

If the sale was in 2015 you have to amend your 2015 and s...

Bsch4477 — Sat, 01 Jun 2019 18:19:12 GMT

If the sale was in 2015 you have to amend your 2015 and subsequent returns.

If you did report the sale on the 2015 return then you ne...

Critter — Sat, 01 Jun 2019 18:19:13 GMT

If you did report the sale on the 2015 return then you need to amend the 2016 & 2017 returns so you know how much to carry to the 2018 return. Each must be mailed in separate envelopes and should be completed in order.

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Did you mistakenly write that you reported the sale as in...

Bsch4477 — Sat, 01 Jun 2019 18:19:14 GMT

Did you mistakenly write that you reported the sale as income and not a loss in 2015?

Yes. I reported the income, and like a fool didn't report...

kayzue2010 — Sat, 01 Jun 2019 18:19:15 GMT

Yes. I reported the income, and like a fool didn't report the loss. I'm an idiot. What do I do now?

So you had a net income or net loss?

Bsch4477 — Sat, 01 Jun 2019 18:19:16 GMT

So you had a net income or net loss?

Net loss. Bought property for, say, $50,000 in 2005-6?, a...

kayzue2010 — Sat, 01 Jun 2019 18:19:17 GMT

Net loss. Bought property for, say, $50,000 in 2005-6?, and had to sell it at a HUGE loss for $4,700 in 2015. Long story, but the facts remain the same. Is it necessary to amend 2015, 2016, and 2017 taxes? Why can I not begin now, filing the property as a loss because I was an idiot then? Something tells me I need that paper trail.

You need to amend 2015 to establish the loss and amend th...

Bsch4477 — Sat, 01 Jun 2019 18:19:20 GMT

You need to amend 2015 to establish the loss and amend the subsequent years to subtract the 3,000 a year loss from any capital gains.

That's what I am learning. Thank you all for helping me....

kayzue2010 — Sat, 01 Jun 2019 18:19:21 GMT

That's what I am learning. Thank you all for helping me. I really needed your direction. So, I should expect a different outcome each of those tax years (for the better), right?

Yes. But be aware that you have only until April 15 to am...

Bsch4477 — Sat, 01 Jun 2019 18:19:22 GMT

Yes. But be aware that you have only until April 15 to amend the 2015 return to get a refund.

Thank you very much for your help. I will be sure to make...

kayzue2010 — Sat, 01 Jun 2019 18:19:24 GMT

Thank you very much for your help. I will be sure to make the deadline! You're all awesome for helping me!

Okay, how and where do I add the loss to TurboTax Amend 2...

kayzue2010 — Sat, 01 Jun 2019 18:19:24 GMT

Okay, how and where do I add the loss to TurboTax Amend 2015?

Report as you would any stock or other asset sale. It ev...

Bsch4477 — Sat, 01 Jun 2019 18:19:26 GMT

Report as you would any stock or other asset sale. It eventually goes to Sch D.

I'll give that a try. I'm quite ignorant when it comes t...

kayzue2010 — Sat, 01 Jun 2019 18:19:27 GMT

I'll give that a try. I'm quite ignorant when it comes to tax forms, etc. But, I can surely design and build you an awesome house!

Know what? I'm not a stupid person, but I'm just going to...

kayzue2010 — Sat, 01 Jun 2019 18:19:28 GMT

Know what? I'm not a stupid person, but I'm just going to hire someone to figure this out for me. I'm just not well-versed enough in all these blasted forms to do this myself in seven days. Gotta give up when I know I'm beat. Rats!

Amending returns is sometimes very confusing. You are we...

Bsch4477 — Sat, 01 Jun 2019 18:19:29 GMT

Amending returns is sometimes very confusing. You are well served to get someone to do it for you and save you the aggravation.

You are so thoughtful to return such an encouraging respo...

kayzue2010 — Sat, 01 Jun 2019 18:19:29 GMT

You are so thoughtful to return such an encouraging response. I hate giving up on things, and you just made me feel better. Thank you. I don't have to be anxious anymore. I'm doing the correct thing for my situation. Now I can relax this evening! You enjoy your evening as well! And, Happy Spring!