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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16579
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I bought a rental property in 2007 for $356k and sold this

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I bought a rental property in 2007 for $356k and sold this week for $302. This was not a short sale, the remaining mortgage balance was $254k, which was paid off at sale. My question is, as I made a loss from the original price I do not have to be concerned about any tax implications on the $25k I received from the sale and should be able to use the loss in my tax returns for 2013?

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

You are correct...the $25,000 you received from the sale will be tax free

MyVirtualCPA :

Further you are correct, you will be able to use the loss from the sale of this asset on your tax return in 2013.


Great, thank you.

MyVirtualCPA :

Is there anything else you need clarification on, or need assistance with?

MyVirtualCPA :

You're welcome

MyVirtualCPA :

If satisifed, please rate my response as "excellent" so that I may receive credit for assisting you today

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