Home Selling in Dover>Question Details

4saleby Owner, Home Seller in York, PA

Can you wite off money you lost through the sale of your house?

Asked by 4saleby Owner, York, PA Thu Feb 11, 2010

Ex: selling for less than you paid; loosing the expense of the upgrades you made while you were living there.

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Check with the IRS or an accountant. But if you owned the property for over a year I think it would be seen as a capitol gains loss. As I understand it anything you own for more than a year and sell has the profit (or loss) considered capital gains. I see no reason a house would be different, but I could be wrong.
0 votes Thank Flag Link Thu Feb 11, 2010
4saleby Owner,
As an owner occupied I don't believe you can write off the loss. However, it's best to ask a tax consultant. If you bought the property as an investment, never lived in it, and "flipped" it then you may be able to claim the loss.
If you have any other questions please contact me directly.

Have a great day!
Dayne K. Riddle
0 votes Thank Flag Link Thu Feb 11, 2010
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