I have a condo for sale and its not selling - if I sell it at a loss?

would that be of some benefit tax wise? The value is $580,000 still listed at $419,00 no buyers. It was purchased 10 years ago at $379,000. Any ideas? I REALLY need to sellI have a condo for sale and its not selling - if I sell it at a loss?
The value is going to end up being closer to 379. it is only worth what someone is willing to pay.I have a condo for sale and its not selling - if I sell it at a loss?
Sorry, it is only a loss if you sold it for less than you paid for it. You may believe the condo is worth $580,000 or someone may have told you it has that value, but by definition, the value is what someone else will pay for it. And apparently the market has told you already that the condo is not worth $419,000 either if it hasn't sold (assuming it has been marketed correctly).
I am assuming you are selling a primary residence. If you sell at a loss, there is no tax benefit.





The capital gain is calculated from the basis in the property you are selling. Original purchase price plus capital improvement, minus depreciation. Take your sales price less costs to sell (broker's commission's, transfer taxes, escrow fees) and subtract the basis and this is you capital gain. Long term capital gains are taxed at 15% at the federal level. You may have state income taxes also.





You do not mention why you need to sell in your question. Can you rent the property out and still survive?
To start with, if the property is listed at $419,000 and it's not selling the value is NOT $580,000.





Property value is primarily determined by supply and demand. While there is some flexibility there is even less in a condo or town home because there are others just like it.





If a condo in your development sells for $400,000 there is no argument you can possibly make that would support your unit being a higher value.





As far as being able to show a loss, are we talking about your primary residence? If so there is no loss of value deduction you can claim. I don't think there is one for an investment property either as the property is usually depreciated each year on your taxes.





Hang in there. Your property will sell. Not at the price you were hoping for. Those days are over, (at least for another 7-10 years)