Loss on land investment

lambchops1525
lambchops1525 Member Posts: 5 Newcomer
in General

How do you write it off on your tax return

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  • CoryF
    CoryF FreeTaxUSA Agent Posts: 115

    Thank you for this question, Lambchops.

    This is a normal capital investment when reporting on your tax return. You will have a sales price and a cost basis like you would have with a stock transaction. The loss will be calculated by a tax service provider since the cost basis will be greater than the sales price. There is a yearly limit on deducting capital losses of $3,000. Any excess loss above this amount from this sale will carry forward until it is all deducted, or you report capital gains that will absorb the loss in any tax year.

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  • lambchops1525
    lambchops1525 Member Posts: 5 Newcomer

    So basically you write it off like a stock transaction

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  • lambchops1525
    lambchops1525 Member Posts: 5 Newcomer

    Thanks

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  • lambchops1525
    lambchops1525 Member Posts: 5 Newcomer

    Could I still write off my dental implants I had done 5 years ago for medical reasons which was 27000

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  • CoryF
    CoryF FreeTaxUSA Agent Posts: 115

    Thank you for asking this question.

    I was the person who responded to your original thread on this question. Please see this answer here.

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