losses on investments are deductible... Losses Offset Gains. If you sold your investment property for less than your cost basis, you have a deductible loss. You can use that loss to offset all your capital gains from other investments and up to $3,000 in income from other sources in the current year. you will have to determine the correct cost basis. You really need to get a copy of the 1099C. They were supposed to be mailed out already.
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**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
