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11-18-2017, 08:42 AM
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#1
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Confused about dryer sheets
Join Date: Nov 2017
Location: NVA
Posts: 6
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Land sale tax loss?
I have land that is now worthless and want to sell it for capital loss tax purposes.
How can I sell land that no one wants to buy in order to get the wrote off?
And can I write off loss against stock and retail capital gains
Thanks for help
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11-18-2017, 08:45 AM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,339
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Why is it worthless?
Can you donate it to the town, county or some non-profit? Or sell it to someone for $1 to crystalize your loss?
Absent a transaction where you no longer own the land, you can't take the loss.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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11-18-2017, 08:47 AM
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#3
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,085
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You cannot sell it if nobody wants to buy it.
So you really mean if you sell it for less than you paid for it.
Where is this land ?
How long have you owned it, and how did you aquire it ?
What purpose have you used it for ? (did you live on it, was it crop land, vacation spot) ?
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11-18-2017, 08:53 AM
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#4
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Confused about dryer sheets
Join Date: Nov 2017
Location: NVA
Posts: 6
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It’s was part of a busted land development deal
I. NC
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11-18-2017, 08:55 AM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,339
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That doesn't necessarily make it worthless.
If you want advice then you're going to need to be more transparent.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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11-18-2017, 08:55 AM
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#6
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Confused about dryer sheets
Join Date: Nov 2017
Location: NVA
Posts: 6
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Thanks for the tips I will look in to donating it.
Does the capital loss work like any other
If I have capital gain in a stock or net profit from my rental Property can I use loss to off set gains?
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11-18-2017, 09:34 AM
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#7
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Dryer sheet wannabe
Join Date: Nov 2017
Posts: 12
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Is there a classified section on here that you could post it?
My friends have said (in the past) that I buy worthless land.
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11-18-2017, 09:59 AM
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#8
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,339
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He could PM you.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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11-18-2017, 10:09 AM
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#9
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,085
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If the property was truly a land development project as opposed to personal use property, then you should be able to claim the loss against any other capital gain.
But if you donate it, then that makes it very unclear, as opposed to selling it, that you have a loss as who sets the value of the donation.
(I'm not an accountant)
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11-18-2017, 10:14 AM
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#10
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,339
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True, it would be better to sell it for $1 rather than donate it.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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11-18-2017, 05:44 PM
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#11
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Posts: 17,231
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Just an FYI.... it is hard to donate land... charities do not want land unless it is something they can use for their charity, like putting a building on it or use it for a camp or something...
And if it is worthless, then why would they want the trouble of owning it...
Also, the gvmt (local and state) do not want it.... that takes it off the tax rolls... even if it is on the tax roll as $1, that is OK... it might grow in the future...
As an example, when I was doing compliance work for land that was held in trust it was interesting.... the trust was required to inspect every piece of land each year... I see a picture of a shrimp boat with a caption 'land is under the shrimp boat'.... it used to be beach property but the various storms eroded it away and now it was all under water... but the county still had it listed and would not let it go... the reason was that the water might receed and it be worth something some day....
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11-18-2017, 10:30 PM
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#12
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,085
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OK, I have to ask as I'm now super curious.
OP - why is the land "worthless" ?
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11-19-2017, 06:56 AM
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#13
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,339
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+1 If you offered it for sale for $1 no one would be interested?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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