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New Member

Can I take a capital loss deduction on selling my Carolina Panthers PSL?

Purchased for $7200 in 1994. Sold for $650 in 2019.
5 Replies
Expert Alumni

Can I take a capital loss deduction on selling my Carolina Panthers PSL?

No, since this is a personal item, the loss on selling it is not tax deductible.

 

@printseller

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New Member

Can I take a capital loss deduction on selling my Carolina Panthers PSL?

Thanks. Is my primary residence also considered a personal item? On the sale of which I might have to report a capital gain.

Expert Alumni

Can I take a capital loss deduction on selling my Carolina Panthers PSL?

Yes, your personal residence is also a personal item. 

 

Currently if you have owned the house for 5 years and lived in it at least 2 out the last 5 years, you can exclude up to $250,000, of the gain if you are Single, or $500,000, if you are Married Filing Joint.

 

If you have a loss on the sale, this is not a deductible loss for tax purposes.

 

Tax Aspects of Home Ownership: Selling a Home

 

@printseller

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New Member

Can I take a capital loss deduction on selling my Carolina Panthers PSL?

The cap gain is over the joint marital exclusion. Seems like the cap gain loss rule should go both ways. Doesn’t seem fair. 

Employee Tax Expert

Can I take a capital loss deduction on selling my Carolina Panthers PSL?

You could have deducted the loss on the Panthers tickets if you purchased them as an investment. However, that would mean you never used them yourself for recreation.

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