Neither had I.But I inherited this land and home in 2007-height ofthe market $358K , held it till as rental till 01/2017.....and sold for $240K...... still had ...

In my 22 years of preparing incomes taxes, this situation NEVER came up for a single client.It was a first for me!

That loss will be a Section 1231 loss—which can be a good kind of loss to have. Here’s why.First, Section 1231 losses can be used to reduce any type of income y...

PS...TOTAL loss was on line 14 btw

I adjusted against any and allincome I had and then made line 21 the difference so line38 came to zero.If it's wrong , I'm sure I'll hear from the IRS...LOL