A realized gain on the sale or exchange of a personal use asset is recognized, but a realized loss on the sale, exchange, or condemnation of a personal use asset is not recognized.

Question

Quizplus · Accepted Answer

This statement is true. According to the IRS, a loss from the sale, exchange, or condemnation of a personal use asset is not deductible. However, a gain from the sale or exchange of a personal use asset is taxable.

A Realized Gain on the Sale or Exchange of a Personal