Selling rental property
I am proposing this scenario:
You are selling an investment property you have held for almost 10 years. The market in the area you are selling never recovered. Disregarding everything about depreciation etc. the question is -- if you sell the property for $20k less than you paid for it would that be considered a capital loss -- similar to when you sell a stock investment and lose money on that.
Please don't suggest talking to a tax man - not in a place or position I can do that. Just looking for someone that may have had this situation in their personal experience.
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