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I recently started renting out my home and plan to sell it. I think it will be sold for less than the basis. Can I claim a loss?


The BIDaWIZ Team's Answer:

Yes, you can claim a loss on rental property sold as long as you maintain records for the sale price and basis of the investment. If this is in fact residential rental property, then you would report the ordinary loss as a 1231 transaction. If this was a business property then it would be report on form 4797.

The BIDaWIZ Team



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