Legal Question in Tax Law in Florida

Re: taxes

DISCLAIMER: This communication is not intended as and should not be interpreted as legal or professional advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

IRS CIRCULAR 230 DISCLAIMER: To ensure compliance with requirements imposed by the IRS and/or the U.S. Treasury Department, you are hereby informed that any federal tax advice contained in this communication is not intended or written to be used, and shall not be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

He can likely claim a capital loss on his taxes, which can likely be carried forward and back a certain number of years. However, a qualified attorney truly needs to evaluate your individual scenario in more detail. Tax law is complex and tends to vary according to the facts.