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Posted by PeterL on February 10, 2007, 7:03 am
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I have never sold a house at a lose before. But this year
my son has to move to another city for a job and sold his
house at a lose. Q: Can he use the lose as a capital lose
against his tax next year?
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Posted by A.G. Kalman on February 12, 2007, 12:42 am
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PeterL wrote:
> I have never sold a house at a lose before. But this year
> my son has to move to another city for a job and sold his
> house at a lose. Q: Can he use the lose as a capital lose
> against his tax next year?
If by house, you mean he sold his main home (principal
residence) then there is no tax deduction for a loss.
--
Alan
http://taxtopics.net
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Bill Brown on February 12, 2007, 12:42 am
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> I have never sold a house at a lose before. But this year
> my son has to move to another city for a job and sold his
> house at a lose. Q: Can he use the lose as a capital lose
> against his tax next year?
Sorry but losses on the sale of personal use assets,
including homes, are not deductible.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Mark Bole on February 12, 2007, 12:42 am
Please log in for more thread options PeterL wrote:
> I have never sold a house at a lose before. But this year
> my son has to move to another city for a job and sold his
> house at a lose. Q: Can he use the lose as a capital lose
> against his tax next year?
From Pub 544: "Loss from the sale or exchange of property
held for personal use is not deductible.".
Don't forget to consider the deduction for job-related
moving expenses...
-Mark Bole
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Phil Marti on February 12, 2007, 12:42 am
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> I have never sold a house at a lose before. But this year
> my son has to move to another city for a job and sold his
> house at a lose. Q: Can he use the lose as a capital lose
> against his tax next year?
Sorry, no. See IRS Publication 523.
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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