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October 13, 2020
Question

I just sold at a loss a parcel of land i have held for 17 years. must i pay capital gains taxes on the income from the sale?

  • October 13, 2020
  • 1 reply
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What IRS forms must I submit after selling a piece of land at a loss?

1 reply

October 13, 2020

if it's a gain, it will be long-term capital so if your income is low enough the gain could be federally tax-free but you still have to report it.  if you have other taxable income a capital loss will reduce it (up to $3,000 each year).

federal taxes

wages and income

investment income

stocks, mutual funds.....

add sales

did you get 1099B - no

choose type 

 

it will show up on form 8949 which gets transferred to schedule D.