Do I have to pay capital gains tax if I made no profit?
February 26, 2014 1:19 PM Subscribe
Taxfilter: I sold a condo in April. I sold it for $5,000 less than I bought it for, but I walked away with some money because I had owned it for 10 years and paid down the principal. I had been renting it out for 4 years before I sold it because I moved to a city nearby. I also put about 10K into renovations over the past few years. Do I have to pay any capital gains taxes? Is it worth it to try to get any kind of credit for the loss I took when I sold it for less than I bought it for?
posted by Clustercuss to Work & Money (8 answers total) 1 user marked this as a favorite