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November 16, 2022
Solved

Land Investment sold at a loss

  • November 16, 2022
  • 1 reply
  • 0 views

Can you write off a loss on raw land sales.  Also on one of the lots, I  had to remove an old farmhouse, is that deductible ?

    Best answer by Anonymous_

    If the land was held for investment purposes, then the loss can be recognized. 

     

    Add the cost of demolition to the basis of the land.

    1 reply

    Employee
    November 16, 2022

    If the land was held for investment purposes, then the loss can be recognized. 

     

    Add the cost of demolition to the basis of the land.

    January 6, 2023

    how do i report the loss on my return

     

    January 7, 2023

    when you get to the investment portion of the interview. the subsection for stock and other