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Deductions & credits
@Mytwocents wrote:
If I made a profit, I have no doubt the IRS would demand every penny of tax, yet a loss can't be deducted?
You are exactly correct; the equity is a capital asset and the IRS would tax you on any gain if you sold that asset.
With respect to losses, you cannot deduct a capital loss on the sale of property held for personal use.
‎February 16, 2022
7:11 AM