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Can I claim a $38,000 capital loss using form 4797 for a rental house I sold in July 2011? I rented the property for 6 months and then the renter bought the property.


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The BIDaWIZ Team's Answer:

No, the loss on the sale of residential rental property is reported on Form 4797 as a 1231 loss, which is an ordinary loss. This is explained further in IRS Publication 544.

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