Tax question

[boomhower]

I sold a small piece of property and a mobile home for considerably less than I paid for it. Will the proceeds count as income and thus be taxable?

 

[lykaon78]

If you lost money on the deal then the answer is No. The better question in that situation is can the loss be used to offset other income.

I think that answer is yes if you had other similar sales that were positive but no it would not offset income from a job.

But you should ask a professional.

 

[mwtgg]

I sold a small piece of property and a mobile home for considerably less than I paid for it. Will the proceeds count as income and thus be taxable?

Personal use property? If so, then the loss is not deductible.