I bought my house for $890K 3 years ago. If I sold my house for less than this amount (because of market condition), what sales tax, if any, do I need to pay? And can I claim anything if I do it at a loss?
State/Country relating to question: California
Hello and thank you for using Just Answer.You are not allowed to claim a loss on Personal Use Property for tax purposes. There is no Sales Tax on your property. If you are referring to the 3.8% that may start in 2013 it would only be if you had a gain. Let me know if you need info on any other tax issue other than sales tax.
15years with H & R Block. Divisional leader, Instructor