- quote -

If you held the lands for investment purposes, yes. If you
held them for personal purposes, no.

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"msmap" <msmap[at]houston.rr.com> wrote:

- quote -

This is a personal loss, therefore it is not deductible.

Missy

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msmap wrote:

- quote -

Sorry, but no deduction for loss on sale of personal use
property.

Cheer$,
Harlan Lunsford, EA n LA

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"msmap" <msmap[at]houston.rr.com> wrote:

- quote -

Property held for personal use only, rather than for
investment, is a capital asset, and you must report a gain
from its sale as a capital gain.However, you cannot deduct a
loss from selling personal use property.

Milt Baker CPA

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"msmap" <msmap[at]houston.rr.com> wrote:

- quote -

You have a problem. I will argue that you purchased the
land with the expectation of it increasing in value and,
therefore, it is an investment. But I suspect I am in the
minority (just like constructive receipt). So get thee to
a local tax pro as in an Enrolled Agent or a CPA who really
knows taxes and get a professional opinion based on the
actual facts and circumstances of your situation.

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I bought 2 acres several years ago planning to build my
retirement home on it. Plans changed and now will be selling
it. If I sell the land for less than the purchase price, can
I deduct the loss?

TIA

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