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Updated over 5 years ago,
Sell home at loss - tax implications
I bought an investment property Nov 2018 in Phoenix, AZ. The home has not worked out, I have not been able to find renters and now I am considering selling at a loss.
I bought the home subject to for 60k out of pocket. Balance on the existing was 180k and home valued at 235k.
Someone offered to buy the home from me for 50k down and I finance the remaining 100k over 10-15 years..
I just want to know what this does to me for taxes? I know there are a lot of fill in the blanks here but this home has been a headache and I am looking for options.