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I bought my house for $890K 3 years ago. If I sold my house

 
Robin D's Avatar
  • Answered by:Robin D
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Customer Question

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?

 

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State/Country relating to question: California

Submitted: 343 days and 11 hours ago.
Category: Tax
Value: $16
Status: CLOSED

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Expert:  Robin D replied 343 days and 9 hours ago.


Robin D :

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.

Robin D41044.5241751505

Expert TypeSenior Tax Advisor 4
Category: Tax
Pos. Feedback: 98.8 %
Accepts: 5038
Answered: 5/15/2012

Experience: 15years with H & R Block. Divisional leader, Instructor

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