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Level 1
posted Oct 25, 2023 9:07:25 AM

capital loss

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.  

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1 Replies
Employee Tax Expert
Oct 25, 2023 9:32:08 AM

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