How to File the Sale of Vacant Land With the IRS | Sapling
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How to File the Sale of Vacant Land With the IRS | Sapling
Real estate is what the IRS calls a capital asset. If you sell a vacant lot you bought as an investment, you report the result of the sale as a capital gain or loss, rather than regular income. If you bought the land for personal use, you report any gains from the sale but not any losses.
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