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I recently purchased land and now I'm having trouble selling it. Can I deduct a loss on land that I sold?


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The BIDaWIZ Team's Answer:

You can only deduct a loss if the property was for investment purposes. You would report the loss on form 8949 which flows to your form 1040. Personal property sold at a loss cannot be deducted.

The BIDaWIZ Team

 

 

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