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It depends on the property's use.
If the cost basis in the property is greater than the sales proceeds and the property was a personal use asset, you will not report this sale on your tax return. The IRS does not allow the recognition of a capital loss on personal use property.
If this is an investment property, then enter the capital loss under the investment section as follows:
To enter this as a capital asset sale in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here) and type "investment income (gains and losses)" in the search bar then select "jump to investment income (gains and losses)". TurboTax will guide you in entering this information (see step 6 below)
Alternatively, To enter this transaction in TurboTax Online or Desktop, please follow these steps:
Click these links for further information about reporting the sale of a capital asset or Capital Gains and Losses
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