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Investors & landlords
No.
You can never deduct a loss on the sale of personal property.
If this is an investment property, a loss would mean you sold it for less than your cost basis. Your cost basis is what you paid for the property. If you inherited the property, the cost basis is the fair market value on the date the previous owner died, usually determined by an appraisal.
But the appraisal on the date of the sale means nothing. It's just a fancy opinion of the value of the property. Proof of the value of the property is the price a buyer is willing to pay.
‎January 9, 2023
12:23 PM