In the case of a primarily personal property,a taxpayer may report a net loss as long as the correct allocation method was used.

Question

Quizplus · Accepted Answer

For tax purposes, losses on the sale or disposition of personal use property are generally not deductible. Personal use property typically includes items like your home, car, furniture, or clothing used for personal purposes, and the tax code does not allow deductions for losses on such property.

In the Case of a Primarily Personal Property,a Taxpayer May