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Level 2
Mar 9, 2022 11:36 PM UTC
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
    Mar 9, 2022 11:39 PM UTC

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

    Level 2
    Mar 9, 2022 11:41 PM UTC

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

    DoninGA
    Level 15
    Level 15
    Mar 9, 2022 11:41 PM UTC

    @argarcia951 wrote:

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


    Sorry, no.