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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?

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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?

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

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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?

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

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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?

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?

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?

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