I just sold my house and payed off a bankrupcy debt and really took a loss... can I claim this on my taxes..
2007-01-23 06:47:34 · 6 answers · asked by onlyme 3 in Business & Finance ➔ Taxes ➔ United States
maybe a creative tax accountant can help good luck and God bless check with dave ramsey site
2007-01-31 03:00:01 · answer #1 · answered by tennessee 7 · 0⤊ 0⤋
For the loss to be deductible, it needs to be either business (investment or place of business) or rental property. Since you've used the term "my house," I'm assuming that it's your personal residence and therefore, not deductible.
2007-01-31 04:32:18 · answer #2 · answered by Scott K 7 · 0⤊ 0⤋
it has to be rental property that has and income base that you usually use to make a living from it other wise your own primary resident isnt claimable as a loss
2007-01-29 22:02:11 · answer #3 · answered by harold g 3 · 0⤊ 0⤋
No. Not on your home.
It's a huge scam. You can be taxed if you make a profit (although most people can escape it), but you can't deduct it if you lose.
2007-01-23 07:40:06 · answer #4 · answered by Quixotic 3 · 0⤊ 0⤋
No, not at ALL.
Unless it was a rental/investment property, which I assume it wasn't.
2007-01-23 06:54:41 · answer #5 · answered by miketorse 5 · 1⤊ 0⤋
If it was your personal residence, then no. If it was a rental property, then yes.
2007-01-23 06:52:58 · answer #6 · answered by glibby3 2 · 2⤊ 0⤋