How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask R. Klein, EA Your Own Question
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
63817126
Type Your Capital Gains and Losses Question Here...
R. Klein, EA is online now
A new question is answered every 9 seconds

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: 6 months ago.
Category: Capital Gains and Losses
Expert:  levr replied 6 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.

Related Capital Gains and Losses Questions