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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.

 
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CDKristopherP
New Member

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.

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)

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1 Reply
CDKristopherP
New Member

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.

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)
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