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?

[Carl]

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

[stiles]

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

[VolvoGirl]

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

[stiles]

Family issue

[Critter]

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.

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