@iambk
If you have a loss on the sale, there is no gain so there is no gains tax owed. As noted by others, the loss is not deductible. If you have a loss on an investment, such as you sell a stock for less than the purchase price, you have a tax deductible loss that you can deduct against other gains. Since this is personal property, you can’t deduct a loss from your other income—if you take a loss. But you still pay no capital gains tax since you did not have a gain.
Correct, if the gift was made in 2021, the gift tax return is due April 15, 2022.
