Solved: Family issue
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

I bought a second home 10 years ago for 157k and if I sell it before year end 2016 for 85k, still owe 62k on it, can any loss be claimed?

 
1 Best answer

Accepted Solutions
Level 15

I bought a second home 10 years ago for 157k and if I sell it before year end 2016 for 85k, still owe 62k on it, can any loss be claimed?

No. you can't claim losses on the sale of personal use property.

View solution in original post

5 Replies
Level 15

I bought a second home 10 years ago for 157k and if I sell it before year end 2016 for 85k, still owe 62k on it, can any loss be claimed?

No. you can't claim losses on the sale of personal use property.

View solution in original post

New Member

I bought a second home 10 years ago for 157k and if I sell it before year end 2016 for 85k, still owe 62k on it, can any loss be claimed?

But if it were a gain, I would have to claim a capital gain?
Level 15

I bought a second home 10 years ago for 157k and if I sell it before year end 2016 for 85k, still owe 62k on it, can any loss be claimed?

Stick to your other question.  You said it was a rental?
New Member

I bought a second home 10 years ago for 157k and if I sell it before year end 2016 for 85k, still owe 62k on it, can any loss be claimed?

Family issue
Level 15

I bought a second home 10 years ago for 157k and if I sell it before year end 2016 for 85k, still owe 62k on it, can any loss be claimed?

Your question was answered in the other post ... yes, a gain is taxable .  If you sell a rental then not only is the gain taxable but you also MUST recapture the depreciation allowed or allowable even if you didn't take any.

<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3398280-rented-my-second-home-from-1-2016-thru-9-2016-now-selling-...>
Dynamic Ads
v
Privacy Settings