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stiles
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?

 
5 Replies
Carl
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.
stiles
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?
VolvoGirl
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?
stiles
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
Critter
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.

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