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Old 01-24-2007, 03:48 PM
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Capital Loss in Florida

FL - I had a deeded time share sold in Florida at a loss. First, do I need to file a florida state return and second is there a deduction benefit i can claim in florida? I know I can claim it is a capital loss and carryover on federal just not sure on florida.What is the name of your state?
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Old 01-24-2007, 04:14 PM
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Why do you think a loss on the sale of property not intended to produce income is a capital loss? Unless there are some facts you are not saying, I don't think you can deduct the loss on the timeshare.
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Old 01-24-2007, 07:19 PM
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Quote:
Originally Posted by steve51168 View Post
FL - First, do I need to file a florida state return....
Well, since Florida has no personal income tax....
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Old 01-24-2007, 09:13 PM
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You can only claim a loss on investment property. Personal-use property cannot give rise to a capital loss. Unless you were actively trying to rent out your portion & filing Schedule E every year, rather than using it or swapping it for time elsewhere, it was personal use property. The loss is not deductible.
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