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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13328
Experience:  15years with H & R Block. Divisional leader, Instructor
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I sold my land which I bought as an investment in 2004 at a

Customer Question

I sold my land which I bought as an investment in 2004 at a loss can I deduct the amount of loss on my tax return?
Submitted: 9 months ago.
Category: Tax
Expert:  Robin D. replied 9 months ago.

Hello

Yes, investment property never used for personal is a loss that is allowed. You may deduct capital losses only on investment property, not on property held for personal use.

Capital gains and losses are classified as long-term or short-term, depending on how long you hold the property before you sell it. If you hold it more than one year, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term.

If your total net capital loss is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you incurred it in that next year.

Please remember to rate my service excellent once you have all the information you need. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

Expert:  Robin D. replied 9 months ago.

Checking back to see if you responded in any way

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