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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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A residential house was purchased in 2002 for $195,000 and

Customer Question

a residential house was purchased in 2002 for $195,000 and sold in 2015 for $190,000. there was no income from this house and no taxes or upkeep was used for tax purposes. this was not my principal residence. I received a 1099S from escrow. Form 8949 shows the $5,000 loss. Is this a deductible loss on line 13 of form 1040
Submitted: 6 months ago.
Category: Tax
Expert:  emc011075 replied 6 months ago.
Hi. My name is ***** ***** I will be happy to help you. What was the property used for? Did you used it as your second home or vacation home or did you purchased it strictly for investment?
Customer: replied 6 months ago.
My daughter's family lived in it. I did not charge them rent.
Expert:  emc011075 replied 6 months ago.
Ok. This would be considered personal and use and unfortunately you cannot deduct the loss.

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