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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
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I payed 152000 dollars investment and can only

Customer Question

i payed 152000 dollars for property investment and can only sell for 120000 dollars what would be my capital gains owed including the 32000 dollar loss
Submitted: 9 months ago.
Category: Capital Gains and Losses
Expert:  levr replied 9 months ago.
If that is an investment property - you will realize capital loss of $32000 - but ONLY when the property is sold.That will be short term or long term loss capital loss - depending if the property was owned more or less than a year.That capital loss may be fully used to offset other capital gains,but if you have net capital loss - only up to $3000 may be used to offset other types of taxable income.Let me know if you need any help with reporting.