Can the sale of a second home not generate a long term capital loss? My loss is capped at $0 when Turbo Tax automatically modifies the sales expenses.
If I change closing expenses, Turbo Tax automatically modifies them to keep the LTCG at 0
No, the sale of personal property cannot generate a loss. So it does not matter how much you lost on it, since it is a second home, it is not deductible which is why TurboTax keeps changing it back to $0.
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