Neither house would qualify for a deductible loss. They are both your personal property, and personal losses aren't deductible.
Some people convert the house they've moved out of into rental (if you don't mind being a landlord). That way, when it sells, it's a business loss & is deductible. (Warning, because of depreciation and the possibility of suspended rental losses, you might discover that you no longer have a loss on the sale ... it gets a bit complicated.)
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Submitted 58 days ago...
If I am relocated and fored to sell my home or second home at a loss, can I deduct the loss on my taxes?
I own a home in a state that is my legal residence; I purchased another home in a different state where I worked; I was relocated and had to sell the second home at a loss. Can this be deducted? If I switched the second home to my legal residence and then sold it because I was relocated, can I deduct the loss on the sale of it?
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Answer 1 / 2 -
Submitted 57 days ago...
Answer 2 / 2 -
Submitted 55 days ago...
Yes, and you can check with irs. On this
if you had to relocate because of your job it is legal to deduct your loss.
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If I am relocated and fored to sell my home or second home at a loss, can I deduct the loss on my taxes?
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