Allowed Deductions for Sale of Second Home

VickiB Newcomer

December 2024 in Credits/Deductions

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

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Answers

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  kiarab

  December 2024

  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 )

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