Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
senyshyn
New Member

I imported 3 boats from China into 2016 that I intended to sell in 2016 in Vancouver. As of today I still have not been able to sell any. Can I declare a loss for 2016?

 
1 Best answer

Accepted Solutions

I imported 3 boats from China into 2016 that I intended to sell in 2016 in Vancouver. As of today I still have not been able to sell any. Can I declare a loss for 2016?

As a general rule, you need to actually have a "sale" to incur a loss. Profits from the sale of almost all capital assets, with the exception of your principal residence, are subject to tax as a capital gain. Unfortunately, losses from the sale of most personal capital assets are not deductible.

Attached are two articles concerning sale of Personal Use Property;

http://www.taxplanningguide.ca/tax-planning-guide/section-2-individuals/selling-personal-use-capital...

https://turbotax.intuit.ca/tips/tax-tip-capital-gains-and-losses-on-the-sale-of-a-boat-6242

If you are in the business of buying and selling boats, you may be able to claim a loss when you actually sell a boat. And if this is the case, I would suggest seeking further advice from a qualified business advisor.

View solution in original post

1 Reply

I imported 3 boats from China into 2016 that I intended to sell in 2016 in Vancouver. As of today I still have not been able to sell any. Can I declare a loss for 2016?

As a general rule, you need to actually have a "sale" to incur a loss. Profits from the sale of almost all capital assets, with the exception of your principal residence, are subject to tax as a capital gain. Unfortunately, losses from the sale of most personal capital assets are not deductible.

Attached are two articles concerning sale of Personal Use Property;

http://www.taxplanningguide.ca/tax-planning-guide/section-2-individuals/selling-personal-use-capital...

https://turbotax.intuit.ca/tips/tax-tip-capital-gains-and-losses-on-the-sale-of-a-boat-6242

If you are in the business of buying and selling boats, you may be able to claim a loss when you actually sell a boat. And if this is the case, I would suggest seeking further advice from a qualified business advisor.