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P
printseller
April 11, 2020
Question

Can I take a capital loss deduction on selling my Carolina Panthers PSL?

  • April 11, 2020
  • 1 reply
  • 0 views
Purchased for $7200 in 1994. Sold for $650 in 2019.

1 reply

D
DianeC958
April 11, 2020

No, since this is a personal item, the loss on selling it is not tax deductible.

 

@printseller

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P
printsellerAuthor
April 11, 2020

Thanks. Is my primary residence also considered a personal item? On the sale of which I might have to report a capital gain.

D
DianeC958
April 11, 2020

Yes, your personal residence is also a personal item. 

 

Currently if you have owned the house for 5 years and lived in it at least 2 out the last 5 years, you can exclude up to $250,000, of the gain if you are Single, or $500,000, if you are Married Filing Joint.

 

If you have a loss on the sale, this is not a deductible loss for tax purposes.

 

Tax Aspects of Home Ownership: Selling a Home

 

@printseller

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