Deductible

Tax Court Finds Loss from Sale of Property Not Deductible By-Peter Muffoletto

In a recent U.S. Tax Court matter, it was found that a taxpayer could not deduct a loss from their sale of real property due to the fact that they failed to establish the cost basis of the property sold. Losses are not deductible relating to non-business dispositions; therefore, taxpayers are not allowed to deduct…