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You can include all expenses related to the purchase of the property and any capital improvements as part of the basis in the property. For selling expense and closing costs, you can report these against the gross sales as the net sales price.
Also, in order to recognized the capital loss, you will need to report this an as investment property (the IRS does not allow the recognition of a capital loss on person use property.)
To enter this as a capital asset sale in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here) and type "investment income (gains and losses)" in the search bar then select "jump to investment income (gains and losses)". TurboTax will guide you in entering this information (see step 6 below)
Alternatively, To enter this transaction in TurboTax Online or Desktop, please follow these steps:
Click these links for further information about reporting the sale of a capital asset or Capital Gains and Losses
You can include all expenses related to the purchase of the property and any capital improvements as part of the basis in the property. For selling expense and closing costs, you can report these against the gross sales as the net sales price.
Also, in order to recognized the capital loss, you will need to report this an as investment property (the IRS does not allow the recognition of a capital loss on person use property.)
To enter this as a capital asset sale in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here) and type "investment income (gains and losses)" in the search bar then select "jump to investment income (gains and losses)". TurboTax will guide you in entering this information (see step 6 below)
Alternatively, To enter this transaction in TurboTax Online or Desktop, please follow these steps:
Click these links for further information about reporting the sale of a capital asset or Capital Gains and Losses
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