2007-02-04 05:34:58 · 5 answers · asked by troubled about energy source 1 in Business & Finance ➔ Taxes ➔ United States
No, losses on sale of a personal residence are never deductible.
The loan balance is not part of the gain or loss calculations in any event.
It's entirely possible to have a taxable gain on the sale yet still owe more money on mortgages than you realize on the sale. That is not a loss, it's just repayment of a debt.
2007-02-04 05:42:50 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 1⤋
nicely, you're responsible for the loan and fee. The monetary company had you signal a be conscious promising to pay the be conscious decrease back.. in case you promote at a loss to someone, then you fairly can ought to come back to remaining with the version contained in the money. in case you will get the monetary company to enable you "short promote" the valuables and coach you're a difficulty, hit upon a customer who has the money and get monetary company approval, it may shop your credit and enable you to stroll far flung from this. it truly is an troublesome procedure and one which calls for knowledge. look at your section and spot once you've a authentic property investors association. they have investors who do those "short sales" and would have an investor who ought to favor your man or woman residence. i'm sorry that your realtor made you sense issues were ok. They in all likelihood were even as he/she suggested that, yet finally, it truly is really YOUR responsiblity, no longer the realtor, the monetary company, absolutely everyone yet you to make constructive you've been attentive to the approach and what you've been doing. i'm sorry that this has occurred! i am hoping you'll hit upon an investor which could be functional you.
2016-11-02 07:26:19 · answer #2 · answered by gilbert 4 · 0⤊ 0⤋
No, you can't take a loss on the sale of your home.
2007-02-04 05:45:59 · answer #3 · answered by ne11 5 · 2⤊ 0⤋
I don't believe you can take a loss on your Federal taxes but your state may let you. clarkhoward.com would be a good source to check for more answers.
2007-02-04 05:40:06 · answer #4 · answered by retyred2003 2 · 0⤊ 2⤋
no not for primary residence. only if it was a rental then it could be a business loss
2007-02-04 05:43:55 · answer #5 · answered by just me 4 · 2⤊ 0⤋