Client purchased some property, lived in the house for a couple of years, moved out, and then put up for sale. 4 years later he sells at a loss. Is this a personal loss since he made it his home originally?
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I think it would be a tuff sell to convince the IRS it was for investment. Was it on the market for the 4 years?This post is for discussion purposes only and should be verified with other sources before actual use.
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MAYBE, he wanted to sell, maybe priced too high, just not sure. I felt that probably a personal loss as nothing was really done to property and wasn't in a popular location.Comment
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Yup, personal loss. No deduction.This post is for discussion purposes only and should be verified with other sources before actual use.
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