If you sell your second Home for a loss can you deduct the long term loss against long tern capital gains?

Asked by Use2bflush, 84663 Thu Feb 11, 2010

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aokey07, Home Buyer, Perris, CA
Wed May 7, 2014
I am looking to buy rural property in Oak or Pinon Hills very soon, but can anyone tell me if you use the USDA 502 Rural Development Loans to refinance your mortgage one year after the initial home purchase, or do you have to wait longer?
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Bo Goulet, b…, Agent, Spring Valley Lake, CA
Tue Nov 5, 2013

You should talk to your CPA about this. The answer from a layperson would be yes OR no, depending on underlying factors.
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Glen Mitchell, Agent, Half Moon Bay, CA
Thu Feb 11, 2010
you really need to talk to a qualified CPA as to your specific circumstances. There are a lot of factors such as depreciation and prior write offs that need to be factored in to see if you really have a loss. In general it would be written off your ordinary income, but please do not take my word or any real estate agents word and speak with a tax professional to make sure it is correctly addressed.

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