2007-11-08 07:58:41 · 5 answers · asked by Tim H 1 in Business & Finance ➔ Taxes ➔ United States
Nope. Sucks to be you - this is the market right now.
2007-11-08 08:05:57 · answer #1 · answered by monicanena 5 · 0⤊ 0⤋
Is this your principal residence? You can still deduct your property taxes and mortgage interest.
If the current market value is more than you paid for the house, you can sell it for less than you could have some time ago, but the gain is going to be tax-free. Not as much gain, though, if the market had not declined.
You could convert the property to a rental, rent it for a year, and then sell it at a loss if the market continues to declne. Your basis is the lesser of your original purchase (plus improvements) or the FMV at the time of the conversion. So this tactic may benefit you depending on what your basis is and the future of the housing market.
2007-11-08 08:36:39 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
Interest and property taxes are deductible as normal on your 1st or 2nd homes but there is nothing additional available.
2007-11-08 08:10:48 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋
There is no special help due to the real estate crash in FL.
2007-11-08 08:07:11 · answer #4 · answered by r_kav 4 · 1⤊ 0⤋
No, sorry.
2007-11-08 08:13:19 · answer #5 · answered by Judy 7 · 1⤊ 0⤋