I lost around $25k on the sale of my condo. Does that work the same as the previously mentioned stock loss?
Posted on February 9th, 2010 by admin
I tried to claim the capital loss on turbo tax and it wouldn’t let me. Would a tax professional have a way around this?
Assuming the condo was your peresonal residence the loss would not be deductible for tax return purposes.
You should have converted it to a rental property and sell it after a couple of years of rental.
February 9th, 2010 at 12:29 pm
Assuming the condo was your peresonal residence the loss would not be deductible for tax return purposes.
You should have converted it to a rental property and sell it after a couple of years of rental.
References :
February 9th, 2010 at 12:44 pm
No, you cannot deduct your property losses on income taxes.
References :
February 9th, 2010 at 1:25 pm
Since you are able to buy many homes in your lifetime, the laws are such that you do not pay capital gains on your homes as you upgrade. Similarly, you do not take write offs for losing money on a principal residence. If you lived in it for two years out of the last five years it is your principal residence.
References :
February 9th, 2010 at 2:00 pm
No, not if it was your personal residence – a loss on a personal residence is NOT deductible.
References :
February 9th, 2010 at 2:48 pm
Assuming that you lived in the condo, the loss is not deductible at all.
References :