My client was new last year, tax year 2012.
They moved to VA and rented out their home in CA.
It wasn't working, and the tenants did a number on the place.
They sold it at a $54k LOSS.
How do I deal with this? They can't take the loss because it was personal property (except for a little over a year of rental). Is there another form I need to use besides the 4797?
They moved to VA and rented out their home in CA.
It wasn't working, and the tenants did a number on the place.
They sold it at a $54k LOSS.
How do I deal with this? They can't take the loss because it was personal property (except for a little over a year of rental). Is there another form I need to use besides the 4797?