Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Land sale tax loss?
Old 11-18-2017, 08:42 AM   #1
Confused about dryer sheets
 
Join Date: Nov 2017
Location: NVA
Posts: 6
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
__________________

Dc45 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-18-2017, 08:45 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 21,691
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...60/35/5 AA
pb4uski is offline   Reply With Quote
Old 11-18-2017, 08:47 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 7,143
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) ?
Sunset is offline   Reply With Quote
Old 11-18-2017, 08:53 AM   #4
Confused about dryer sheets
 
Join Date: Nov 2017
Location: NVA
Posts: 6
It’s was part of a busted land development deal
I. NC
Dc45 is offline   Reply With Quote
Old 11-18-2017, 08:55 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 21,691
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...60/35/5 AA
pb4uski is offline   Reply With Quote
Old 11-18-2017, 08:55 AM   #6
Confused about dryer sheets
 
Join Date: Nov 2017
Location: NVA
Posts: 6
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?
Dc45 is offline   Reply With Quote
Old 11-18-2017, 09:34 AM   #7
Confused about dryer sheets
 
Join Date: Nov 2017
Posts: 5
Is there a classified section on here that you could post it?
My friends have said (in the past) that I buy worthless land.
Weathering is offline   Reply With Quote
Old 11-18-2017, 09:59 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 21,691
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...60/35/5 AA
pb4uski is offline   Reply With Quote
Old 11-18-2017, 10:09 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 7,143
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)
Sunset is offline   Reply With Quote
Old 11-18-2017, 10:14 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 21,691
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...60/35/5 AA
pb4uski is offline   Reply With Quote
Old 11-18-2017, 05:44 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 15,257
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....
Texas Proud is offline   Reply With Quote
Old 11-18-2017, 10:30 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 7,143
OK, I have to ask as I'm now super curious.

OP - why is the land "worthless" ?
Sunset is offline   Reply With Quote
Old 11-19-2017, 06:56 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 21,691
+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...60/35/5 AA
pb4uski is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Amended tax return stuck in no mans land. heeyy_joe FIRE and Money 3 01-23-2016 09:37 AM
Poll-Do You Have Capital Loss Carryforwards, Or Investments In A Loss Status? haha FIRE and Money 40 04-16-2011 01:03 AM
Help!! My trailing stop loss triggered sale of AAPL novaman Stock Picking and Market Strategy 18 10-16-2007 11:39 AM
Local (city) income tax when working on Federal land? gindie Other topics 3 05-16-2007 12:36 PM
Land Sale & AMT - should have done a 1031! bearkeley FIRE and Money 25 03-29-2006 09:28 AM

» Quick Links

 
All times are GMT -6. The time now is 01:09 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.