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Old 11-27-2016, 10:34 AM   #1
disneydoug
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Default Selling DVC

We just bought a new home in Winter Garden and might be looking to sell our 2 contracts(VGF,AKV). I am going to ask a tax professional but thought I would throw it out here. If we were to sell and did so for less then we paid for would we be liable for taxes since there are no capital gains. Any thoughts would be great.
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Old 11-27-2016, 10:56 AM   #2
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No. There are no capital gains taxes if there is a loss. On things like this I'm pretty sure you also can't declare any capital loss, but that's the place to talk with a professional.

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Old 11-27-2016, 11:14 AM   #3
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Thank You
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Old 11-27-2016, 03:11 PM   #4
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Not only the sell price, closing cost and commission paid at selling will count towards net loss/gain calculation.
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Old 11-27-2016, 03:12 PM   #5
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Quote:
Originally Posted by brp View Post
No. There are no capital gains taxes if there is a loss. On things like this I'm pretty sure you also can't declare any capital loss, but that's the place to talk with a professional.

Cheers.
My CPA did take the capital loss on my last tax return.
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Old 11-27-2016, 03:53 PM   #6
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My CPA did take the capital loss on my last tax return.
I'm sure there are ways to finagle that, probably even legal in some cases, depending upon how ones CPA decides to classify things:

http://www.nolo.com/legal-encycloped...hare-sale.html

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Old 11-27-2016, 03:59 PM   #7
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Quote:
Originally Posted by brp View Post
I'm sure there are ways to finagle that, probably even legal in some cases, depending upon how ones CPA decides to classify things:

http://www.nolo.com/legal-encycloped...hare-sale.html

Cheers.
Good info, I gave him my buying and selling closing statement and he did the calculations, will see if audit comes.
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Old 11-27-2016, 04:04 PM   #8
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Good info, I gave him my buying and selling closing statement and he did the calculations, will see if audit comes.
Likely not. Assuming that you didn't put it into rental use immediately upon purchase, then he would also have needed that basis at the time that you did convert it to mixed use. But I don't think that filing this likely incorrectly will have any implications.

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Old 11-27-2016, 05:18 PM   #9
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Good info, I gave him my buying and selling closing statement and he did the calculations, will see if audit comes.
I need your accountant to offset my capital gains from my last DVC sale......
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Old 11-27-2016, 06:23 PM   #10
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I need your accountant to offset my capital gains from my last DVC sale......
Mine did too. I sold two small contracts last year. I thought I was going to take a hit, but I provided him with the info disney65 did and we were good.
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