If you've suffered a loss on an investment property, you can't deduct it while keeping the property in the family by selling it to a spouse, brother, sister, parent, grandparent, child, or grandchild. It doesn't matter if the sale is perfectly legitamate. The Tax Code prohibits any loss deduction from a sale to one of these relatives.
Here's the LOOPHOOLE:
The Tax Code does not consider in-laws to be relatives under this rule. So, don't sell to your son or daughter, sell to your son-in-law or daughter-in-law, or just about any in-law. You'll keep the the property in the family and get a deduction too. Awesome.
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