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

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Some years ago I...

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?

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Land assessed at $350,000, house built for $210,000. It may now sell at $400,000. Is that a capital loss of $160000?

Submitted: 8 months ago.Category: Tax
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9/13/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,872
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 8 months ago

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

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Customer reply replied 8 months ago
Beach house, second home
Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 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 8 months ago
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 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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