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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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.
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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