If the property you sold was investment property, you can take a loss; however, if your property was personal use property (such as a residence) then you cannot claim a loss on the sale. If the property was investment property, then you will report that in the same section that stock sales are reported.
Here is how to report sales of investment property in TurboTax Home
& Business:
- Select Personal
- Click on Personal Income
- Click on Wages & Income
- Click on I'll choose what I
work on
- Scroll down to "Investment Income and Select Stocks, Mutual Funds, Bonds, Other"
- Answer NO to the question "Did you get a 1099-B or a brokerage statement for these sales?
- Select "Land" and click Continue
- Enter the sale information and click Continue
- Continue with interview questions. On the page with Enter Cost Information,
enter your acquisition date and cost basis. Your cost basis is your
original cost , adjusted for acquisition costs, improvements, etc.
- Click Continue
You will need to know your cost basis in the property. If you have a
loss, you can use that loss to offset other Investment Gains. If your
loss is more than your gains, you can use $3,000 per year to offset
ordinary income. Unused losses carry forward till used.
