Tax on Form 1099C of a short sale of a vacant lot in Florida?

Can I claim a “capital loss” from the sale in order to offset the income resulting from the Form 1099C?

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This entry was posted on Thursday, March 11th, 2010 at 1:34 pm and is filed under Short sale. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

One Response to “Tax on Form 1099C of a short sale of a vacant lot in Florida?”

  1. SusieQ on March 11th, 2010 at 1:56 pm

    In order to deduct a loss, the lot must have been held for investment purposes. If it was, and if you “sold” the lot for less than you paid, that is a loss. The income is the amount of the loan forgiven.

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