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- how to report a loss on the sale of foreign property
how to report a loss on the sale of foreign property
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Linda123
Level 1
04-17-2022
07:35 PM
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how to report the sale of foreign property at a loss?
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3 Comments 3
TaxGuyBill
Level 15
04-17-2022
08:37 PM
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Personal use?
Rental?
Business?
Something else?
Was there a loan on the property?
Linda123
Level 1
04-18-2022
10:25 AM
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Personal use with no mortgage.
TaxGuyBill
Level 15
04-18-2022
11:40 AM
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Losses for personal-use property are not tax deductible. And because it is a foreign property, I assume there is no 1099-S. There is no loan so you don't need to deal with the funky §988 foreign exchange stuff.
That means you don't need to report it at all.
