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Level 2
March 9, 2022
Question

Deductions

  • March 9, 2022
  • 1 reply
  • 3 views

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?

    1 reply

    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.