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.