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    #1

    Sale of personal land

    If a person sells a lot and has a loss on the sale, is the loss deductible?
    Thanks!
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    #2
    It depends on whether it was "held for investment".

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      #3
      Correct. Also make sure that the lot is marketable. A client of mine had a lot behind his house that was in a designated wetland/conservation zone. He sold it to another person at a loss and wanted to write off the loss, but according to the deeds in that area the lot is part of the land under his house and can not be parceled out separately. Not sure how he got around that rule and sold the lot to a neighbor.
      Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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