MarilynG1
Expert Alumni

Deductions & credits

@bonnier3305 You cannot take a loss on property that was never used for investment purposes.

 

From the IRS:   A loss on the sale or exchange of personal use property, including a capital loss on the sale of your home used by you as your personal residence at the time of sale, or loss attributable to the part of your home used for personal purposes, isn't deductible.

 

Only losses associated with property (or a portion of property), used in a trade or business and investment property (for example, stocks) are deductible.

 

You can add any sales expenses to the cost basis when reporting the sale.

 

Click this link for info on Sale of Inherited Property

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