We sold a residential lot we owned in 2016 for far less than we paid for it in 2007. Can we write off the loss? If so, where? I have the settlement statements.

[CDKristopherP · Accepted solution]

You can claim this in TurboTax Premier Online, Freedom Edition, or CD/Download software.  

In TurboTax Online or Freedom Edition you go under Federal Taxes > Wages & Income > Less Common Income > Sale of Home (gain or loss).  In the CD/Download you go under the Personal tab > Personal Income > Less Common Income > Sale of Home (gain or loss).  

You'll need to have: 

• The date you sold your home and the selling price (from your closing statement)
• The date you bought your home and the purchase price (from your closing statement)
• The cost of any major improvements you made, so we can deduct them for you
• Form 1099-C if you sold your home at a loss (short sale)