Can capital loss on a property that is overseas be used to offset capital gains? Are these special rules for capital gains/losses of overseas assets?

Forum|Forum|3 years ago
June 10, 2022
1 reply
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I have a house overseas which will sell for a substantial loss and I want to use those losses to offset gains on assets within the USA.

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Carl11_2

Employee

You need to provide more details. Is/was the house used for business purposes of any type during any period of time that you owned it? For example, was it a rental property, or did you ever claim a home office in this property?

Typically, losses on the sale of personal property, regardless of it's location on the planet, are not deductible.

nab2Author

It was used as a primary residence several years ago and is now empty/a vacation home that is hardly used.

Carl11_2

Employee

Any losses on the sale would not be deductible, and that has nothing to do with where the property is located. Losses on the sale of personal property are just not deductible from your other income.