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Income Tax Planning
Chapter 11: The Taxation of Capital Assets/PERSONAL ASSET LOSSES: EXAMPLE
Warren Academy Course SyllabusSyllabus Slides
Chapter Study Session

Chapter 11: The Taxation of Capital Assets

PERSONAL ASSET LOSSES: EXAMPLE

01.Core Concepts

Anastasia purchased her personal residence sixteen months ago for $290,000. She lives in a city that has been heavily affected by the current recession, and she needs to sell her home and relocate due to a lucrative job offer. The best offer Anastasia receives on her home is $265,000. She sells her home and suffers an economic loss of $25,000. Anastasia’s loss on her personal asset is not tax deductible.