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New Member
posted Apr 11, 2020 5:36:44 AM

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

Purchased for $7200 in 1994. Sold for $650 in 2019.

0 5 1420
5 Replies
Expert Alumni
Apr 11, 2020 6:05:57 AM

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

 

@printseller

New Member
Apr 11, 2020 6:45:36 AM

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
Apr 11, 2020 7:21:47 AM

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

New Member
Apr 14, 2020 3:49:10 AM

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

Expert Alumni
Apr 14, 2020 2:34:14 PM

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.