Can I deduct sales expenses from amounts received?

Years ago I lent a company money and they gave me gems as collateral. When they defaulted and I got the gems, I found they were much harder to sell than I expected. (yeah, it sounds like a scam to me also, but it wasn't)
An auction house is willing to sell them for me, but I have to travel across the country to set that up.
Can I deduct the travel expenses from what I sell the gems for when I calculate my loss on the loan?
Reply to
wadelippman

Site Timeline Threads

  • Inasmuch as I am running late with my calculations, I decided to pay a...
  • next in

    Taxes General

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.