H recently purchased a residence for himself and his family for $60,000.Shortly thereafter, property nearby was rezoned by the city council for light commercial businesses.As a result, the value of H's house dropped to $50,000.H may deduct a loss of $10,000.

Question

Quizplus · Accepted Answer

Losses on the sale of personal-use property, such as a primary residence, are not deductible for tax purposes.

H Recently Purchased a Residence for Himself and His Family