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Property sale, not primary residence

I carried a contract to sale a house i owned in OK.  The party stopped paying.  I had a lawyer draft a document to return the property back to me in lieu of foreclosure.   The property has serious damage.  I sold the property to a family member at a reduced price because of the damage, approx. $25,000 below tax assessor value.  I did not see anything in turbo tax on loss of capital gains.  i only saw sale of a home.  Can i deduct the loss of capital gains and is the sale of home section of turbo tax where i would enter this income? 

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Accepted Solutions
MaryK4
Expert Alumni

Property sale, not primary residence

You cannot deduct the loss of capital gains based on the decreased value of the home.  A capital gain or loss is not determined until you actually sell the property. 

 

You would enter the sales under Investment Income- Sticks, Mutual Funds, Bonds, Other.

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1 Reply
MaryK4
Expert Alumni

Property sale, not primary residence

You cannot deduct the loss of capital gains based on the decreased value of the home.  A capital gain or loss is not determined until you actually sell the property. 

 

You would enter the sales under Investment Income- Sticks, Mutual Funds, Bonds, Other.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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