Tax Advice Needed For One Who Really Lost Money!
I bought a home, moved in, fixed it up, then moved out and tried to rent it. I could not rent it for the life of me and ended up selling it for a large loss almost a year later. Does anyone know how to claim this on my taxes? Please help I have already lost alot!!
Consult your own professional tax advisor for specific details. It would appear that you have a capital loss on the sale of your investment property. Form 4797 and Schedule D are the places to claim an investment loss.