Allowed Deductions for Sale of Second Home

VickiB

We sold our home in Florida to include all furniture, all new three years prior to the sale. Are we able to claim the furniture as a deduction? Thank you

kiarab

Hello,

If your furniture was personal use only and the value of the furniture was overall less than what you originally bought for it, then you cannot deduct it. (See Personal use Property on page 74: https://www.irs.gov/pub/irs-pdf/p550.pdf )