I sold a business, can I sell my home to a family member for a loss to offset the tax on the business? I sold a business, can I sell my home to a family member for a loss (at appraised value) to offset the tax on the business?
My home is worth at least $100,000 less than what I paid for it, which is what I sold my business for, but I want to continue to live in the home. I started the business myself and didn't buy it from anyone.
Is there any way to get the write off and still be able to live in the home?
TIA |