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Question : Can I offset losses on a vacation home against a gain from a home we are selling to our son?Can I sell the house to him at cost and realize no gain?
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Answer : Regarding your first question, so sorry no. One of the bigger IRS “gotcha’s” out there is the act that although we must always pay capital gains taxes on capital assets sold at a gain, we many NOT take a tax loss for any property that is personal use property….Here’s the IRS guidance on that.Topic No. 409 Capital Gains and Losses …The news is better, however, regarding your second question. Any amount of fair market value not represented in the sake price to you son is considered a gift….And gifts are excluded from income tax (26 U.S. Code § 102)…And the gift tax (a transfer tax paid by the giver) only comes into play once gifts during your lifetime reach over $22 million
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