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Get your taxes done using TurboTax
Completely irrespective of how the transaction is categorized, this taxpayer can certainly deduct the basis (price paid) from the selling price.
The main issue is whether @GC75 can document that the cost basis was actually $7,000 (resulting in a loss, which would not be deductible if the property had been held for personal use).
‎August 25, 2021
9:43 AM