can I deduct a monetary loss from real estate on my taxes?
Posted on April 7th, 2010 in United States | 6 Comments »
Carissa B asked:
Recently bought a house in California, but am relocating for a job to another state. Because the real estate market is down, I will be taking a loss on my house. Is this tax deductible?
Boston Real Estate
Recently bought a house in California, but am relocating for a job to another state. Because the real estate market is down, I will be taking a loss on my house. Is this tax deductible?
Boston Real Estate
6 Responses
Sacramento Homes
I will say no. The Government not care when we lose, only when we make. But, you could take to the IRS. I get a link.
Try here;,,id=121557,00.html
There is a list and you need to scroll and read. Some I list for you.
Job Loss or Starting a new Career or Job
Moving? Publication 523 (Selling your Home)
Many of these are PDF Files, you need Abode Reader. Maybe you can find something. Sorry it take so long, Yahoo kept giving me an Error. They always Updating something.
Boston Mass Real Estate
Really need to check the IRS rules. It sure seems like this should fall under the capital gains/loss area. If we make a profit, we have to pay capital gains. It should work the same for the loss.
All those relocating expenses are deductible. You might want to check that on the IRS site to make sure you keep receipts and cover all the bases.
Cellulite Treatment
No, sorry, a loss on a personal residence isn’t deductible.
Thermage Before and After
No, not if it was your personal residence.
Palm Springs homes
No, losses on the sale of a personal residence are never deductible.
If the property was purchased for investment purposes then the loss may be treated as a capital loss.
Sarasota Florida Real Estate
If it was your personal residence, I’m sorry to say that no you can’t deduct a loss, this would be a personal loss, which is non-deductible. Now, if you had sold the house at a gain, you would have to pay taxes on it.
More than likely though, you can deduct on this years 1040 the costs of moving to the other state.