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I lost my primary residence to a fire in 2011 and I paid off mortgage with insurance money and bought another home. I still owned the now vacant lot. The lot was sold in 2014. My lot cost basis was $65,000 and it was sold for $42,000. Is this a long term capital loss that I can use to offset any long term capital gains from the sale of a mutual fund?


Expert Barbara Blacklidge's Answer:

You can use the capital loss from the sale of the vacant lot to offset any other capital gains that you have. Please let me know if you require further information or clarification. Thank you and best regards, Barb

Barbara Blacklidge, EA


17 yrs experience

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21 Ans.