Property Land Sale
Property Land Sale
Would a small capital loss on a land purchase/sale be tax deductible?
During '06, I bought a tract of land and sold 2/3 of it on the same day I purchased it. I'm holding onto the other 1/3 to build on. On the 2/3 that I sold, it calculates to be a small capital loss -- about $500. Would this be tax deductible? If so, do I need to classify the land as a certain property type to be able to claim the loss as a deduction?
Thanks
This would depend on the use of the land, which would be determined by the 1/3 portion you retained. For instance, if the land was held for personal use, it would not be tax deductible. It is deductible if it was simply an investment. If you determine that it is deductible, you would first offset the loss against short term capital gains. Once all capital gains have been offset, you can recognize up to an additional $3,000 in capital losses.
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