Explore the 1,000’s of tax questions answered by professionals.

Back to list

QUESTION DETAIL

Related User

Votes

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


ANSWER


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

 

 

  • Currently 4.6190/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
1547 Ans.

COMPANY INFORMATION




We do not offer or provide any investment advice or services or opinion regarding the nature, potential, value, suitability or profitability of any particular security, portfolio of securities, transaction or investment strategy.

Copyright © 2024 BIDaWIZ, Inc. Privacy Policy | Terms & Conditions