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You don't enter the loss. You enter the purchase price and sales price and the program calculates the gain or loss. You can add settlement charges and closing costs to the purchase price to reduce any gain or increase the loss. The IRS does not allow a loss on personal use property.
Sale of land gets reported in TurboTax as a sale of an investment.
Please follow the following steps to record the sale in TurboTax:
You don't enter the loss. You enter the purchase price and sales price and the program calculates the gain or loss. You can add settlement charges and closing costs to the purchase price to reduce any gain or increase the loss. The IRS does not allow a loss on personal use property.
Sale of land gets reported in TurboTax as a sale of an investment.
Please follow the following steps to record the sale in TurboTax:
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