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I have recently sold raw land i had purchased as an investment…

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I have recently sold raw...
I have recently sold raw land i had purchased as an investment 15 years ago. I paid 160,000 and sold for 112,000. What are tax cosequences
Submitted: 3 years ago.Category: Tax
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Answered in 4 minutes by:
6/23/2015
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,057
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello,The sell has resulted in a loss for you. This happened because you sold for less than your cost. You will report this on Form 8949 and Schedule D. The loss will first be used to reduce any other gains you may have had then you can use up to $3000 ($1,500 if you are married filing separately) against other income (like wages) .You can carry forward the loss that you cannot use forward until you have used it .
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 years ago
You may use the Capital Loss Carryover Worksheet found in either Publication 550, Investment Income and Expenses, or theForm 1040, Schedule D Instructions (PDF), to figure the amount you can carry forward.
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 years ago
Please let me know if you need me to clarify
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