"Oysters8" wrote in message
ews.com...
I'm fishing for tax deductions. Can the loss from the sale of a boat used
as a second home legally be deducted on federal income taxes? Just
wondering?

Ed

Not a tax man, and don't even play one on TV.

However, in a tax environment where, if you live in it for the last two
years, you can escape any tax on the gain on your home, I doubt you could
take a loss.

If it were investment property, properly documented, depreciated, and
reported as such all along the way, if your sale price returned less than
the adjusted basis (due to the depreciation taken before), you'd have
grounds for a loss.

L8R

Skip, getting out of the investment property business

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