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weev357
New Member

Federal employee move overseas to vehicle restricted location and no storage coverage, sold at loss. Are losses deductible?

Are personal property losses due to government move deductible?
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ToddL
New Member

Federal employee move overseas to vehicle restricted location and no storage coverage, sold at loss. Are losses deductible?

No, a loss on the sale of personal property is not deductible. You can deduct a loss relating to personal-use property only if it results from a casualty or theft; a government directed move is neither a casualty or a theft.

Per IRS Tax Topic 409-Capital Gains and Losses  Personal-use property:  Generally, property held for personal use is a capital asset. Gain from a sale or exchange of that property is a capital gain. Loss from the sale or exchange of that property is not deductible. .

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ToddL
New Member

Federal employee move overseas to vehicle restricted location and no storage coverage, sold at loss. Are losses deductible?

No, a loss on the sale of personal property is not deductible. You can deduct a loss relating to personal-use property only if it results from a casualty or theft; a government directed move is neither a casualty or a theft.

Per IRS Tax Topic 409-Capital Gains and Losses  Personal-use property:  Generally, property held for personal use is a capital asset. Gain from a sale or exchange of that property is a capital gain. Loss from the sale or exchange of that property is not deductible. .

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