I have sold property which I have considered it as investment property, as I have never lived in it.
In year 2020, It was never rented out as it was put on sale. It was later sold in Oct 2020, and generate a loss.
Can I still deduct the sale loss given it is not rented out?
If the property was an investment, you can deduct the loss. If the property was personal use, such as a second home, or you let a family member live there, then it is personal property and you cannot take the loss.
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Yes, if this land that was sold was just plain land and was never used for farming or income-producing or as business property, you would report the sale on Form 8949 carrying to Schedule D using the correct adjusted basis and sellng price and if it was just unused land, then it would end up showing on Sch D as a capital gain or loss.