We owned a large boat that was a second home. We sold it in 2016 at a $5000 loss and had to take out a loan to pay it off. Can we write off that loss on our taxes?

posted

Connect with an expert

1 Best answer

Accepted Solutions

No, the IRS considers that a personal loss that cannot be claimed as a deduction.

1 Reply

No, the IRS considers that a personal loss that cannot be claimed as a deduction.

Still have questions?

Questions are answered within a few hours on average.

*Must create login to post

Unlock tailored help options in your account.