I sold my house to my daughter for what I paid for it 30 yrs ago, it appraised for $80K more than I sold it for.?
Can I claim a loss on my taxes?
Do I have to claim it as income?
- STEVEN FLv 73 years ago
In order to claim the loss, you would FIRST have to claim the gain.
- mbajohn90Lv 43 years ago
Since you sold it for what you paid you did not earn any income
- StephenWeinsteinLv 73 years ago
No. You report the sale, but with no gain or loss. In addition, because you let your daughter have it for less than it was worth, you might have to file a gift tax return and pay gift tax.
- curtisports2Lv 73 years ago
You can't take a loss unless you actually realize a loss (and you can't take a loss on a personal residence anyway). Not selling something for as much as you could have is a choice, not a loss.
There may be other tax implications for you or your daughter for selling at such a below-market price, but I don't have enough info to say.
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- SlickterpLv 73 years ago
No, you cannot. Neither is it income.
It isn't a loss anyway.
- Max HooplaLv 73 years ago
You need to file a Form 709, Gift Tax Return, reporting an $80,000 gift to your daughter.
- David 14Lv 73 years ago
No, because there was no loss.
- JackLv 63 years ago
You do not have either a loss or income to show on a personal property......
...but - you have made an $80K gift which will need to be declared on your return.
- ?Lv 73 years ago
You cannot claim a loss on a personal residence. In theory, you've gifted your daughter 80k and therefore would be required to file a gift tax return. That said, you could leave it alone and her basis is just what she paid for it, not the appraised value.
- Wayne ZLv 73 years ago
You don't have a loss so there is nothing to claim there. Besides, actual losses on personal use property are never deductible.
You also didn't make any profit so there nothing to pay there either.