capital loss

Forum|Forum|2 years ago
October 25, 2023
1 reply
10 views

I sound my oriental rug for $2000. I originally paid $10,000 for it. I do not have any paper work for the purchase. Can I claim a loss? Is the loss $3000 per year? I only received $1700 from the sale as there was commission.

Ask the Experts - Extension - Sept 2023

KatieP1

Employee Tax Expert

Hi Capitalgains,

Thanks for your question!

No, you cannot claim a loss for the sale of personal property.

Here is an IRS link that discusses this in more detail: Topic No. 409, Capital Gains and Losses

Note that you will need to report the sale on your tax return. This TurboTax article discusses this in detail.

I hope this helps. Thanks again!

Katie

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capital loss

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