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Linda123
Level 2
April 18, 2022
Question

how to report a loss on the sale of foreign property

  • April 18, 2022
  • 3 replies
  • 16 views

how to report  the sale of foreign property at a loss?

This topic has been closed for replies.

3 replies

TaxGuyBill
April 18, 2022

Personal use?

Rental?

Business?

Something else?

 

Was there a loan on the property?

    Linda123Author
    Level 2
    April 18, 2022

    Personal use with no mortgage.

    TaxGuyBill
    April 18, 2022

    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.

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