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I purchased a second home in 2002 which I sold in 2006 at a loss. Since it was not my primary residence, can I claim the loss as a capital loss for 2006 federal income tax purposes?
That is rotten, they tax you for capital gains (except primary residence exclusion), but don't allow capital losses for personal property (just for investment property). See http://www.irs.gov/newsroom/article/0,,id=106799,00.html
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