2007-10-24 13:00:00 · 11 answers · asked by djtedesco73 1 in Business & Finance ➔ Renting & Real Estate
No. A loss on the sale of your home is not deductible for tax purposes. One approach is not to sell the home but to rent it. You convert it to income producing property, then when you sell it, you are selling an investment asset, on which a loss is deductible. However, there are tax complexities to this and you should check into the tax implications first.
2007-10-24 13:06:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, there is no deduction for a loss on a personal home. And by the way, the gain or loss has nothing to do with how much you still owe, it's the selling price minus the purchase price minus the cost of improvements minus allowable expenses like commissions. So it would be possible to have a gain even if you sell for less than you owe.
2016-03-13 06:14:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A loss on your personal residence does not qualify for capital loss treatment. Such treatment is reserved for investment quality real estate. As another has suggested, investigate turning this home into a rental facility, with a sale at a later date. I am not totally clear on the IRS regs, but you may be able to qualify for a capital loss if you make such a conversion.
2007-10-24 14:20:26 · answer #3 · answered by acermill 7 · 1⤊ 0⤋
If this is a personal residence, you cannot claim the loss on your tax return. Kind of an unfair rule since if you you have a gain that exceeds $250,000 ($500,000 if married filing jointly), then it is taxable.
If this is rental property, then you could claim the loss on your return.
2007-10-24 13:09:30 · answer #4 · answered by Homeslice 4 · 1⤊ 0⤋
No. A loss on the sale of your home is not deductible for tax purposes.
2016-11-02 18:47:42 · answer #5 · answered by ? 2 · 0⤊ 0⤋
A loss on the sale of a personal residence is NEVER deductible.
2007-10-24 13:18:25 · answer #6 · answered by Bostonian In MO 7 · 1⤊ 0⤋
The answer is no, I was recently in the same situation. If this is a rental property, you can clain a loss.
2007-10-24 13:08:15 · answer #7 · answered by JIMMA N 1 · 1⤊ 0⤋
I have also asked the same question many times, and not gotten an answer
2016-08-26 04:15:54 · answer #8 · answered by ? 4 · 0⤊ 0⤋
I believe you can claim a capital loss.
2007-10-24 13:04:52 · answer #9 · answered by Anonymous · 0⤊ 3⤋
Maybe so
2016-07-30 05:53:50 · answer #10 · answered by Anonymous · 0⤊ 0⤋