We owned a large boat that was a second home. We sold it in 2016 at a $5000 loss and had to take out a loan to pay it off. Can we write off that loss on our taxes?

tbarbabs · ‎June 3, 2019

RichardG · ‎June 3, 2019

No, the IRS considers that a personal loss that cannot be claimed as a deduction.

Deductions & credits