Question

I sold a commercial property at a loss, where do I enter this in my taxes?

Forum|Forum|1 year ago
April 1, 2025
1 reply
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I goto the business items and chose sale of business property, and enter sale information and the software said because it is no gain it remove the information I entered. So How I should handle this?

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ThomasM125

You can enter that as a sale of investment. You enter investment sales in the Wages and Income section of TurboTax, then Investments Sales, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents. Choose "Other" as the type of investment you want to enter. You'll come to a screen where you can enter in your sales proceeds and cost basis. Choose Land (other investment property) as the type of property sold.

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thezhaofamilyAuthor

thank you for your information.

Eventually, I with the help from turbotax expert and is able to properly enter the information 1) under "your 2024 income summary", update "rental properties and Royalties" goes to "Rental and Royalty Summary" click edit button; I chose "sale of property/Depreciation " a few page later I got to "Tell us more about this rental asset", on that page I can chose "the item was sold...". Once I have done that, that sale information will show up at "sale of business property".

any information entered at "Stocks, cryptocurrency, Mutual Funds, Bonds," will go to Schedule D, but the rental property expense and sale information will go to Schedule E and its worksheet.