Question

I sold a piece of property for a loss and got a 1099-S

No text available

Employee

If this was personal property, losses from personal property cannot be claimed as a deduction on your taxes.

If you held this property for investment purposes, you may be able to deduct the loss on your taxes.

Regardless, you have to enter the sale on your income tax return. See Where do I enter the sale of a second home, an inherited home, or land?

1 reply