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Can you write-off a huge home property loss over multiple years?


ANSWER


Expert Thomas Graham iii's Answer:

I’m assuming you mean a loss on the sale of the property. Unfortunately this loss is considered a nondeductible personal loss therefore not only can you not deduct it over multiple years but it won’t be deductible at all. (IRS Publication 523 – Amount of Gain or Loss)

Thomas Graham iii, CPA, CFE

Oklahoma

7 yrs experience

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