Explore the 1,000’s of tax questions answered by professionals.

Back to

QUESTION DETAIL

Related User

Votes

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

 

 

  • Currently 4.6190/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
1547 Ans.

COMPANY INFORMATION




We do not offer or provide any investment advice or services or opinion regarding the nature, potential, value, suitability or profitability of any particular security, portfolio of securities, transaction or investment strategy.

Copyright © 2024 BIDaWIZ, Inc. Privacy Policy | Terms & Conditions