So I am sorry to hear that you will be selling your Cooperative Apartment at a loss. Losses on the sale of a personal residence are not deductible unless you have converted the property to a rental. A loss on the sale of a personal residence is considered a nondeductible personal expense.
If the property was converted to a rental or has been a rental you may deduct it as a capital loss. If you don't have capital gains to offset the capital loss, you can use a capital loss as an offset to ordinary income, up to $3,000 per year. If you have more than $3,000, it will be carried forward to future tax years.
Thanks again for the question @GailE
All the best,
Marc
Employee Tax Expert
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