Solved: It doesn.t give me the option to enter the loss of property value
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New Member

It doesn.t give me the option to enter the loss of property value

I have a loss of 32,273.46 on a property I sold in 2018 and I've tried what you suggested and it doesn't give me the proper space where to put the loss
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New Member

It doesn.t give me the option to enter the loss of property value

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:

  • Within your return, select Federal Taxes tab
  • Select Wages & Income tab
  • On "Your income" page, click Start button for Stocks, Mutual Funds, Bonds, Other
  • On "Did you sell any investments in 2018?", click on Yes button
  • On next page, answer whether or not you received a 1099-B or a brokerage statement for the sale
  • On next page, "Choose the type of investment you sold", select radio button for Land and click on Continue button
  • Enter the details of your land sale on the next page, "Enter Land Sale Information" and click on Continue button
  • On next page, select radio button for the way in which you acquired the land and click on Continue button
  • On next page, "Any Business or Rental Use?", indicate how you used the land and click on Continue button
  • On next page, "Enter Cost Information", enter Date Acquired and Original Cost and click on Continue button
  • TurboTax will then calculate your gain on the investment in land, indicate whether it's short- or long-term, and indicate your Proceeds and Cost Basis
  • You can proceed further and add any additional similar investment sales in like fashion

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Level 15

It doesn.t give me the option to enter the loss of property value

What kind of property was it ?   Land, rental property, personal residence, second home, investment property ?
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New Member

It doesn.t give me the option to enter the loss of property value

land
Highlighted
New Member

It doesn.t give me the option to enter the loss of property value

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:

  • Within your return, select Federal Taxes tab
  • Select Wages & Income tab
  • On "Your income" page, click Start button for Stocks, Mutual Funds, Bonds, Other
  • On "Did you sell any investments in 2018?", click on Yes button
  • On next page, answer whether or not you received a 1099-B or a brokerage statement for the sale
  • On next page, "Choose the type of investment you sold", select radio button for Land and click on Continue button
  • Enter the details of your land sale on the next page, "Enter Land Sale Information" and click on Continue button
  • On next page, select radio button for the way in which you acquired the land and click on Continue button
  • On next page, "Any Business or Rental Use?", indicate how you used the land and click on Continue button
  • On next page, "Enter Cost Information", enter Date Acquired and Original Cost and click on Continue button
  • TurboTax will then calculate your gain on the investment in land, indicate whether it's short- or long-term, and indicate your Proceeds and Cost Basis
  • You can proceed further and add any additional similar investment sales in like fashion

View solution in original post

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New Member

It doesn.t give me the option to enter the loss of property value

yes, it helped but where is the space that I can put the information?
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New Member

It doesn.t give me the option to enter the loss of property value

After saying you did not get a 1099-B, you will select land on the next screen.
On "Enter Land Sale Information", you will enter sales price
After a couple more screens, you will see "Enter Cost Information"
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