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    Join the Patreon to get access to the full episode + BTS exclusive content! Full episodes release 2x a week! https://www.patreon.com/cw/Blackmillionaires_ Lizzo has sold her Beverly Hills home, but not without taking a financial hit. She originally bought the property in 2022 for $15 million, during a peak in the real estate market, and just sold it in 2026 for about $11.2 million—roughly a $4 million loss. The modern, treehouse-style home sits in the hills above Beverly Hills and spans around 5,400 square feet. It features high-end amenities, including a recording studio and a 58-foot zero-edge pool. The property also has some celebrity history, as it was once owned by Harry Styles before being rebuilt into its current design. Even in a high-profile, luxury neighborhood, the sale highlights how timing in the real estate market can make a major difference. Look up the law in California about the loss on property No, you cannot claim a capital loss on the sale of your principal residence. Under IRS rules, losses from the sale of personal-use property are not deductible, meaning a loss on your main home cannot be used to offset capital gains or other income. Only homes used for business or rental may allow for a deductible loss.  Key Details on Principal Residence Sales: -Non-Deductible Loss: If you sell your home for less than you paid for it, it is considered a personal loss and cannot be reported on your taxes to generate a deduction. - Gains Exclusion: While losses are not deductible, you may exclude up to  ( for married couples filing jointly) of gain on the sale of your main home if you meet the ownership and use test. Mixed-Use Properties: If you used part of your home for business or rented it out, you may be able to deduct a portion of the loss. Reporting Requirements: You must still report the sale if you received a Form 1099-S, even if there is no taxable gain or if you cannot deduct the loss. -Mixed-Use Properties: If you used part of your home for business or rented it out, you may be able to deduct a portion of the loss. Reporting Requirements:You must still report the sale if you received a Form 1099-S, even if there is no taxable gain or if you cannot deduct the loss. Lizzo Loss $4 Million Selling Her Beverly Hills Mansion Bought In 2022 Black Millionaires Podcast #blackmillionairespodcast #blackmillionaires #LIZZO #jameshilltv
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