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I own a home that I want to sell to my business and operate the business from my home. The home was purchased for $770,000 and is now worth $570,000. Can I write off the 200,000 as a loss?


ANSWER


The BIDaWIZ Team's Answer:

You couldn't sell your home to your business to claim a loss on the property because all you're doing is transferring your business to a home-based business and this is a related party transaction. You could claim certain deductions as a home based business, but a direct "sale" would be disregarded for tax purposes.

The BIDaWIZ Team

 

 

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