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Author: secureit1 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121565  
Subject: Loss on House lot sale deductible? Date: 3/13/2001 7:42 PM
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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?

Thanks in advance:

Paul
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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 48379 of 121565
Subject: Re: Loss on House lot sale deductible? Date: 3/14/2001 4:57 AM
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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.

--Peter

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