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vfwkvb
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Can I take a loss on a second home that I don't want to sell? My daughter uses it while she goes to college. Where do I show this loss?

 
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2 Replies
Hal_Al
Level 15

Can I take a loss on a second home that I don't want to sell? My daughter uses it while she goes to college. Where do I show this loss?

The loss on the sale of personal use property (e.g. primary or 2nd home) is not deductible. It does not need to be reported on your tax return, unless you get a form 1099-S.

Can I take a loss on a second home that I don't want to sell? My daughter uses it while she goes to college. Where do I show this loss?

If you own a second home and you are letting your daughter live in it "rent free" while she is in college, that is not a loss you can deduct on your tax return.  Free rent is just a gift you are giving to your daughter, which is not deductible.  You can still deduct any mortgage interest and perhaps the property tax you paid for the home in 2018, subject to the cap on state and local taxes.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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