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Whether or not the loss is deductible depends upon what the use/purpose of the property was. If the property was for personal use (whether or not you actually used it) then no, it is not deductible. If the property was purchased as an investment with the intent to hold for appreciation, then yes the loss is deductible similar to a stock loss. If the property was used for business (or farming) then it is deductible as a business expense.
If you can claim an investment loss, you report this on your personal tax return. You will enter this under the Investment Income area of Wages & Income.
TurboTax will calculate the loss on this investment and determine if it was short- or long-term. If you have other capital gains, the loss will offset some or all of the gains. In general, up to $3,000 of the capital loss will go to line 13 of Form 1040 and offset other income. The remaining loss over $3,000 will be carried forward each year until used up (applied to capital gains and/or ordinary income).
Whether or not the loss is deductible depends upon what the use/purpose of the property was. If the property was for personal use (whether or not you actually used it) then no, it is not deductible. If the property was purchased as an investment with the intent to hold for appreciation, then yes the loss is deductible similar to a stock loss. If the property was used for business (or farming) then it is deductible as a business expense.
If you can claim an investment loss, you report this on your personal tax return. You will enter this under the Investment Income area of Wages & Income.
TurboTax will calculate the loss on this investment and determine if it was short- or long-term. If you have other capital gains, the loss will offset some or all of the gains. In general, up to $3,000 of the capital loss will go to line 13 of Form 1040 and offset other income. The remaining loss over $3,000 will be carried forward each year until used up (applied to capital gains and/or ordinary income).
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