I understand that there is tax credit if the market value of your house of condo goes down. is this true?

0 ⤊

I understand that there is tax credit if the market value of your house of condo goes down. is this true?

2007-01-22 04:30:25 · 3 answers · asked by Victor P 1 in Business & Finance ➔ Renting & Real Estate

3 answers

there is no tax credit until you sell

2007-01-22 06:43:12 · answer #1 · answered by daniel p 2 · 0⤊ 0⤋

Assuming this is in the US:

1) There is no tax credit available if the market value goes down.
2) If you live in the property, the loss is non-deductable if you sell for less than you paid for it.

2007-01-22 12:38:33 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋

It counts as a loss, at time of sale of house.

2007-01-22 12:33:02 · answer #3 · answered by Yellow Tail 3 · 0⤊ 0⤋