So it was never developed, i.e., no bui;dings were ever in it? Was it ever used for, say, farming, as a parking lot, etc?
Assuming you purchased this land in anticipation of a price increase, that is, as an investment, then the sale of the land at a loss would result in a capital loss. Capital losses first get applied to any capital gains. If there's "left over" capital loss then $1,500/$3,000 (depending on filing status) of that loss gets applied to other income. Any remaining loss is carried forward as a capital loss to be applied in subsequent years.
If you used the land for personal use, no.
If it was never used for personal use (only investment purposes), yes.
So it was never developed, i.e., no bui;dings were ever in it? Was it ever used for, say, farming, as a parking lot, etc?
Assuming you purchased this land in anticipation of a price increase, that is, as an investment, then the sale of the land at a loss would result in a capital loss. Capital losses first get applied to any capital gains. If there's "left over" capital loss then $1,500/$3,000 (depending on filing status) of that loss gets applied to other income. Any remaining loss is carried forward as a capital loss to be applied in subsequent years.