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Financial Planning / Tax Strategies


Subject:  Re: Loss on House lot sale deductible? Date:  3/14/2001  4:57 AM
Author:  ptheland Number:  48379 of 127545

I sold a house lot in Florida last year at a loss. I purchased this lot as an investment 20 years ago. Is the loss Tax deductible? If so, what form would I report it on?

It depends on how you used the lot while you owned it. Was it a recreational vacation spot for you? Or did you simply hold it with the hope of it going up in value? If the latter, it is a capital asset and the sale is reported on schedule D.

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