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Level 2
March 9, 2022
Question

Deductions

We bought land to build on back in 2008 and finally decided not to build on it, so we sold it but we sold it for quite a loss, how do I claim that loss? I am using TT Premier, will that walk me thru getting the deduction? What form will it wind up on?

    3 replies

    DoninGA
    Level 15
    Level 15
    March 9, 2022

    Losses on the sale of personal use property, not used for an investment, are not reported on a tax return.

    Level 2
    March 9, 2022

    So I don't get any kind of credit for the loss?

    DoninGA
    Level 15
    Level 15
    March 9, 2022

    @argarcia951 wrote:

    So I don't get any kind of credit for the loss?


    Sorry, no.