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Video instructions and help with filling out and completing Can Form 4797 Dont

Instructions and Help about Can Form 4797 Dont

Ilene your own news 96:5 go ahead yes in the year 2023 I bought a house for $90,000 right I sold it this year for 87 thousand dollars and it's a rental house can I claim along you can only claim a loss if you match it up against a profit so for example you sold another piece of property and you made a profit on that you can deduct this loss against that profit if you don't have any other profits then you are going to there's nothing to do that now Aileen remember this when you have a rental property typically you are depreciating that on your taxes and so even though you paid $90,000 forward after you've depreciated all these years your basis may now be seventy thousand and now you're selling it for eighty seven thousand and paying capital gains when you're seventeen thousand dollar profit so Eiling be careful you may not you may be under misunderstanding about what your tax liability is on that thank you for calling Music you.