If I lived in my primary residence less than two years, and received a gain I will have to claim a capital gain. Can I claim a capital loss if I lived in my house (primary residence) if I lived in it less than two years, if I received a loss? Wouldn't the same rules apply?
2007-01-31 12:51:21 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I'm not sure if the US allows deductions for negative gearing in real estate. Very few countries allow that deduction; the one country that I know that allows such deductions is Australia.
2007-01-31 12:55:26 · answer #1 · answered by Muga Wa Kabbz 5 · 0⤊ 0⤋
First of all, did you receive a 1099-Misc stating the amount of gain you must claim? If not, the gain has not been recorded and you probably dont need to claim it. Also, most property does not appreciate that much in just 2 years so the gain would be minimal. And no you cannot claim a loss on your primary residence no matter what. Hope this helped.
2007-01-31 13:05:38 · answer #2 · answered by cinsingl83 3 · 0⤊ 2⤋
No, unfortunately, a capital loss on a residence is a personal loss, and isn't deductible no matter how long you lived there. You're right, if you'd had a gain, it would have been taxable.
2007-01-31 13:14:04 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
No. Losses on a sale of personal residence are not allow at all.......even to offset capital gains.
2007-01-31 14:15:52 · answer #4 · answered by Wayne Z 7 · 0⤊ 0⤋
the way I study the wash sales rule (in its extraordinarily esoteric language), you prepare it basically to losses. that's, interior the 30 days the two before or after your loss-sale you mustn't have offered techniques (to acquire) or the "comparable" inventory . in case you have, then you definately're DENIED (in the back of schedule may be the extra effective be conscious determination.) the loss (and you have some extra complicated bookkeepping to do). even nonetheless, in case you sell for a income, then that's reportable. (that's, i think of you're able to checklist that income.) once you rebuy the comparable inventory you're beginning a clean protecting era (short term for a 365 days). The IRS needs your taxes from the income on your sale, be it long or short term. (isn't that the way the IRS funds ratchet works? funds is going into IRS undemanding; funds comes out of it with some hitches. :) )
2016-12-13 05:44:44 · answer #5 · answered by keetan 4 · 0⤊ 0⤋