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?
- SusieQLv 41 decade agoFavorite Answer
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.