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TaxRobin
TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 13344
Experience:  15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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I'm selling my only residence which is under my company

Customer Question

Hello. I'm selling my only residence which is under my company name. I owned and lived there 4 years. I want the $50,000 capital gain to be offset from past investment losses under my personal, individual tax filing.Question: Do I need to quit claim the condo to my personal name to accomplish the tax offset? Or can I sell it under my business name? Thank you
Submitted: 6 months ago.
Category: Capital Gains and Losses
Expert:  TaxRobin replied 6 months ago.

Hello

If the business quit claims to you then you could use other loss to lessen the gain. If the business sells it is a business asset and you personally would not claim that.

This will be short term holding for you unless you own for longer than 1 year.

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