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Updated over 5 years ago on . Most recent reply
Taxes on Sals of a Property at a loss
Hey folks, bad news on my end. I’m selling an apartment at a loss and I was curious my tax implications.
Scenario: Apartment, Purchased at $150k, selling at $125 in under 12 months (long story, don’t ask)
No major improvements made that would contribute to my cost basis.
This would be a $25k loss, correct? And would I reduce my taxable income by that amount on my 2019 tax return?