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Old 04-12-2016, 02:50 PM
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I sold a business, can I sell my home to a family member for a loss to offset the tax on the business?

I sold a business, can I sell my home to a family member for a loss (at appraised value) to offset the tax on the business?

My home is worth at least $100,000 less than what I paid for it, which is what I sold my business for, but I want to continue to live in the home. I started the business myself and didn't buy it from anyone.

Is there any way to get the write off and still be able to live in the home?

TIA



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Old 04-12-2016, 10:36 PM
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Join Date: Oct 2010
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the bottom line'd be: You can sell your house to whomever yoiu like and for whatever price you choose ;there are no legal reasons to prevent you from selling at a heavily discounted price to a family member;however,even if you sell your home at a loss, you can not deduct the amount from your taxes to offset the ta on the biz unless th epty is rental/ investment pty. ;If you sold rental or investment real estate at a loss, you may be able to deduct that loss from your taxes.If you sold your investment property for less than your cost basis, you have a deductible loss. You can use that loss to offset all your capital gains from other investments and up to $3kin income from other sources in the current year. You can carry any remaining loss forward to offset capital gains and $3k of other annual income in future years until the loss is used up. If you sold your personal residence at a loss, that loss is not deductible.



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