I purchased a condo for my daughter that she lived in for 15 years and when it was no longer needed, sold at a loss. No rent ever charged or contemplated.
I purchased a condo for my son who lived in it for 4 years and when it was no longer needed, sold at a profit. No rent ever charged or contemplated.
Since these condo's were not my primary residence, I assume they just become personal assets. No reportable loss on the daughter's condo but I would have to report a capital gain on the son's condo.
Appreciate any observation...of course I'd love to amend and claim a loss to offset any gain but I think it isn't in the cards.
Thanks
