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Some years ago I built a house on land I inherited. If I

Customer Question
Some years ago I built...
Some years ago I built a house on land I inherited. If I sell the house and I get less than its cost and the assessed value of the land I inherited, can I claim a capital loss?
JA: The Expert will know how to help. Please tell me more, so we can help you best.
Customer: Land assessed at $350,000, house built for $210,000. It may now sell at $400,000. Is that a capital loss of $160000?
JA: Is there anything else important you think the Expert should know?
Customer: No
Submitted: 2 months ago.Category: Tax
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Answered in 5 minutes by:
9/13/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,882
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 months ago

What did you use the house for? Was this your own home?

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Customer reply replied 2 months ago
Beach house, second home
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 months ago

You generally have a capital loss if you sell the asset for less than your adjusted basis BUT losses from the sale of personal-use property, such as your home or vacation/second home, aren't tax deductible.

Please let me know if you need more information.
If not then scroll up to see the STARS to rate so I am credited.

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Customer reply replied 2 months ago
My home phone is(###) ###-####
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 months ago

Any call offer is site generated, just ignore it. Please post below if you do not understand and need more info.

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Robin D.
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Category: Tax
Satisfied Customers: 15,882
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