If I own a vacant property with 3 people that we paid $120,000 for it can I sell my share to the other owners for $100 and claim a capital loss? I just don’t want to pay taxes and HOA fees anymore. We got ripped off and had housing crash property worth is at $12,000 right now.

Thanks, Pete

  • How was the property purchased? Did you create an LLC, is the property currently under mortgage, or is it paid off and your name is on the deed? In any case, you can claim a loss on the sale, but depending on how you own the property, it will change how you exit the position and thus how you claim a loss. – Derek_6424246 Jan 22 '19 at 17:32

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