Deducting loss from sale of a property
Answers
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What kind of property was it? Was it held for investment purposes? Was it rented? Did you have personal use? All of those things factor into determining how a loss might affect your taxes.
You may want to review IRS Publication 544, "Sales and Other Dispositions of Assets" for more detailed information. https://www.irs.gov/publications/p544
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Thank you, JMSSGV. I will read that publication.
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