I need to sell my home so that I can take a job out-of-state. I have been in the home for 3 years, but it looks like I will take a $30,000 hit. Is this tax deductible as a business expense?
2007-02-09 08:17:17 · 5 answers · asked by MR MONEY 3 in Business & Finance ➔ Taxes ➔ United States
My home value is the same as 3 years ago, but the real estate broker will charge me a 6% fee.
2007-02-10 01:14:06 · update #1
No, a loss on your personal residence isn't deductible. Maybe you could negotiate with your new employer to pay for part of the loss.
2007-02-09 08:53:49 · answer #1 · answered by Judy 7 · 3⤊ 1⤋
No, you can't deduct a loss on your home. If you need to ask, change you alias. You don't qualify to call yourself "Mr Money". On a slightly different note: Did you sell for $30,000 less then you paid for the home, or just $30,000 less than you OWE on the home? I wonder if you would have a 'loss' for taxes even if you could deduct such a loss.
2007-02-09 19:00:02 · answer #2 · answered by STEVEN F 7 · 0⤊ 1⤋
No. Losses on personal residences are not deductable.
Sorry.
2007-02-09 17:08:48 · answer #3 · answered by Wayne Z 7 · 1⤊ 0⤋
I'm doubting it will be a business expense, but it should be a personal deduction.
Note: I am not a tax preparer...take my opinion lightly.
2007-02-09 16:38:19 · answer #4 · answered by singingsoprano 2 · 0⤊ 3⤋
yes
2007-02-09 16:21:09 · answer #5 · answered by glamour04111 7 · 0⤊ 4⤋