Question

I had LLC with restaurant and 2 apartments located in 1 acre land. I did subdivide into two lots but failed. The whole cost was $60,000 I paid . How to claim the loss?

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You would report this as a sale of an investment as follows in TurboTax:

1. Find the Income and Expenses menu option in TurboTax and click on it

2. Look for Investment Income and use the Show more option to expand the list and choose Stocks, Mutual Funds, Bonds, Other

3. If you did not receive a 1099-B form reporting the sale, indicate that on the next screen

4. Choose the type of investment sold (land in this case)

5. Enter the information requested about the date you purchased/sold the investment and the proceeds and cost information

Turbotax will calculate your gain or loss on the sale and enter it properly on your tax return.

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