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?

13 Answers

  • 3 years ago

    In order to claim the loss, you would FIRST have to claim the gain.

  • 3 years ago

    Since you sold it for what you paid you did not earn any income

  • 3 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.

  • 3 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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  • 3 years ago

    No, you cannot. Neither is it income.

    It isn't a loss anyway.

  • 3 years ago

    You need to file a Form 709, Gift Tax Return, reporting an $80,000 gift to your daughter.

  • 3 years ago

    No, because there was no loss.

  • Jack
    Lv 6
    3 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 7
    3 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.

  • 3 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.

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