Sale Of Personal Residence

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  • Unregistered
    #1

    Sale Of Personal Residence

    Is A Loss On The Sale Of Personal Residence Deductible??
    Tags: None
    • dyne
      Senior Member
      • Jul 2005
      • 764
      #2
      loss on sale of personal residence

      A loss on personal property such as a car or personal residence is not allowable.
      However inherited property such as the parents personal residence is treated as a long-
      term transaction and any loss is allowable subject to the $3,000 capital loss rules
      per year.

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