Home Selling in Atlanta>Question Details

J & T, Real Estate Pro in ,

Atlanta - we have been renting out a 2nd home for 2 years & now want to sell. How much of the loss can we write off to the original purchase?

Asked by J & T, , Thu Oct 27, 2011

price? This is our only rental property (not primary), and we will price it to sell quickly, though lose about $60K. Have heard there is a tax advantage in writing off the loss, but am not clear on IRS limits or stipulations.

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When completed, please send your loss statement to Barney Frank and Chris Dodd and thank them for destroying home values in the United States.
0 votes Thank Flag Link Sat Oct 29, 2011
Only a CPA or other tax professional is qualified to give tax advice.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Thu Oct 27, 2011
I strongly suggest that this question be directed to a CPA or Tax Specialist or the individual who prepares your taxe I Is this your second home or an investment property? Did you live in the property for a period of tim over the past two years? Is there a mortgage on the property? Will be need to sell short or absorb the loss yourself? . My specialty is selling real estate.
0 votes Thank Flag Link Thu Oct 27, 2011
Should be able to write off up to $3000.00 a year until you exhaust the lost, but check with a CPA. Call Bob Darden CPA at 770-242-7080. Let me know if I can help you sell it! Good luck.
Web Reference: http://HomeSourceGroup.net
0 votes Thank Flag Link Thu Oct 27, 2011
J & T although you call it a second home, if you rented the house out, it is an investment property. You will need to discuss it with your accountant. Provide all invoices for all expenses as well as the original closing statement (HUD1) when you bought the property.

I could not advise you nor can anyone on Trulia without reviewing your actual tax status. Contact you accountant for your personal tax advantages.

Sally W. Hamby
Fidelity Bank Mortgage
404 644 7696
0 votes Thank Flag Link Thu Oct 27, 2011
When it comes to any tax related issues, it's always best to consult with your tax professional, and or, tax attorney; either party can better advise....
0 votes Thank Flag Link Thu Oct 27, 2011
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