If you short sale on a second home that was not used as a rental can you only take the $3000 max loss per year (Sch D)?

Asked by jill.williams1, Elk Grove, CA Wed Apr 3, 2013

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James Tan, Agent, elk grove, CA
Wed Apr 3, 2013
I agree with everyone else, this is a tax issue that a CPA or a licensed tax preparer should answer not a realtor.

However, here are some links that may be useful:
a. http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt…
The is the IRS link for the Mortgage Forgiveness Debt Relief Act
b. http://www.taxalmanac.org/
is a forum for tax professionals, you might be able to get some information from there.

Good luck
0 votes
Frank Verni, Agent, Sacramento, CA
Wed Apr 3, 2013
Everyone is correct in saying that you need to speak to an accountant/CPA to get the definitive answer to your question.
If you have further questions, I'd love to help.

0 votes
The Medford…, Agent, Fremont, CA
Wed Apr 3, 2013
Another vote for, "Talk to your accountant." We'd love to be able to answer, but Realtors are legally prevented from providing tax advice.
0 votes
Morgan Larson, Agent, Folsom, CA
Wed Apr 3, 2013
Kylee is correct. This is a tax question that we aren't qualified to answer.
0 votes
Courtney Ell…, Agent, Folsom, CA
Wed Apr 3, 2013
I recommend that you seek advice from an accountant.Your accountant can best guide you on the appropriate route to take in terms of doing a short sale on a second home. If you have additional questions regarding the short sale process please feel free to contact me.

Courtney Ellison
Lyon Real Estate
0 votes
Kylee Roe, Agent, Sacramento, CA
Wed Apr 3, 2013
This sounds like a tax question, and you should consult a tax adviser. No Realtor is qualified to give you tax advice.
0 votes
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