I lost my house to a sheriff's sale. Is that deductable as a loss on my tax return?

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I lost my house to a sheriff's sale. Is that deductable as a loss on my tax return?

2006-12-29 04:29:32 · 4 answers · asked by Logan T 1 in Business & Finance ➔ Taxes ➔ United States

4 answers

No. Your house is considered a personal asset. Losses on the sale of a personal asset is a nondeductible loss.

2006-12-29 04:32:20 · answer #1 · answered by jseah114 6 · 2⤊ 0⤋

No.

Ironically, it may cause you to have "income" to report and be taxed on. If you owed more on the house than they received for selling it, the difference is income to you.

2006-12-29 13:33:50 · answer #2 · answered by Wayne Z 7 · 2⤊ 0⤋

This not being Nottingham Forrest, it's hard to answer on so little information.

2006-12-29 12:35:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋

you need to make an appointment with a CPA and talk to an expert

2006-12-29 12:59:38 · answer #4 · answered by besthusbandever 4 · 0⤊ 0⤋