Quote:
Originally Posted by Reggie28
If you sold the home for less than the initial value would you be able to claim a loss? Even if the home was worth 2 million and you sold it for two million, the realtors, lawyers and other professionals are taking a slice, so you would still have a loss to declare. Or am I out to lunch and you pay capital gains on any appreciation, but if you have a loss, well too bad for you.
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One other thing to keep in mind is that the implied values for these homes are inflated. A real estate agent I know who used to be involved in these lottery homes, said that you can typically expect to sell them for about 15-20% less than what the lotteries advertise.