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I have an undeveloped lot that lost most of its value, I am

I have an undeveloped lot...
I have an undeveloped lot that lost most of it's value, I am not paying the homeowner fee nor the real estate tax. There is no mortgage. What kind of problems am I going to have with the IRS? I have $22,000 IRA funds invested to date. I wan't to walk away.
How will I report this on my tax return
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7/25/2013
jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3,161
Experience: I've prepared all types of taxes since 1987.
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Greetings,

 

If this property is held in your IRA there will not be any reporting to the IRS for any transactions that occur in the IRA.

This is the same for stocks, real estate or almost any investment.

 

Basically this is similar to if I held a stock that went worthless in my IRA. There is no loss to report, it will just reduce the amount of value in my IRA.

 

As for all IRA accounts, the trustee will report activity to you for each year on Form 5498 and there is no additional reporting on the individual tax return for the investing activity during the tax year.

 

Please ask if you need clarification.

Thank you.

jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3,161
Experience: I've prepared all types of taxes since 1987.
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