Where do I enter loss selling vacant res. lot in 2015 on my 2018 taxes? In 2015 claimed sale as income, never deducted $3000/yr ea yr after to reach total loss I took?

[Bsch4477 · Accepted solution]

If the sale was in 2015 you have to amend your 2015 and subsequent returns. 

[Critter]

If you did report the sale on the 2015 return then you need to amend the 2016 & 2017 returns so you know how much to carry to the 2018 return.  Each must be mailed in separate envelopes and should be completed in order.

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[Bsch4477]

Did you mistakenly write that you reported the sale as income and not a loss in 2015?

[kayzue2010]

Yes. I reported the income, and like a fool didn't report the loss. I'm an idiot. What do I do now?

[Bsch4477]

So you had a net income or net loss?

[kayzue2010]

Net loss. Bought property for, say, $50,000 in 2005-6?, and had to sell it at a HUGE loss for $4,700 in 2015. Long story, but the facts remain the same. Is it necessary to amend 2015, 2016, and 2017 taxes? Why can I not begin now, filing the property as a loss because I was an idiot then? Something tells me I need that paper trail.

[Bsch4477]

You need to amend 2015 to establish the loss and amend the subsequent years to subtract the 3,000 a year loss from any capital gains.

[kayzue2010]

That's what I am learning. Thank you all for helping me. I really needed your direction. So, I should expect a different outcome each of those tax years (for the better), right?

[Bsch4477]

Yes. But be aware that you have only until April 15 to amend the 2015 return to get a refund.

[kayzue2010]

Thank you very much for your help. I will be sure to make the deadline! You're all awesome for helping me!

[kayzue2010]

Okay, how and where do I add the loss to TurboTax Amend 2015?

[Bsch4477]

Report as you would any stock or other asset sale.  It eventually goes to Sch D.

[kayzue2010]

I'll give that a try.  I'm quite ignorant when it comes to tax forms, etc.  But, I can surely design and build you an awesome house!

[kayzue2010]

Know what? I'm not a stupid person, but I'm just going to hire someone to figure this out for me. I'm just not well-versed enough in all these blasted forms to do this myself in seven days. Gotta give up when I know I'm beat. Rats!