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.

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Dan Chase, Home Buyer, Texas City, TX
Thu Feb 11, 2010
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
Dayne &…, , York, PA
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
Search Advice
Search
Ask our community a question
Home Selling in Dover Zip Codes

Email me when…

Learn more