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     | Friday, December 17, 1999 - 09:44 pm  Purchased a house in 1990 for 365K Sold in 1999 for 345K Is there any way to take a loss on taxes? Thanks
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| | Monday, December 20, 1999 - 08:32 am Yes, it's a capital gains loss. Your accountant should be able to do this for you, or any of the tax software packages out there. Very straight forward.
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| | Monday, December 20, 1999 - 10:19 pm That what I thought, but look at what the yahoo/real estate section had to say. please comment. Can I deduct the loss I suffered when I sold my home? The Internal Revenue Service currently does not allow deductions for losses on the sale of your own home. In fact there's no way to use a loss to your advantage on your income tax return. http://realestate.yahoo.com/realestate/selling/tax/story.html?s=/n/realestate/sellers/tax/qa1003
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| | Sunday, December 26, 1999 - 03:33 pm The solution would've been to sell your house under the terms of a lease option, perhaps for a term of as short as one year. Under such an agreement the buyer rents the house for a year and at the end of that time period the sale goes through. As such the house would have been an investment property for a certain period of time. The best person to discuss a deal like this with (not that I hope it ever happens to you again) is a Realtor® that has the CCIM (certified commercial investment member) designation.
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| | Sunday, December 26, 1999 - 05:09 pm Capital losses are subject to restrictions and limitations. When you don't have capital income it gets difficult. And of course the realtor won't pay for "changes" nor penalties after an audit. I'd consult with an accountant specializing in real estate. While they won't reimburse you either, at least they put their signature on the tax return. Knowing how easy it is to get a "designation," I don't put any value on designations.
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| | Monday, January 03, 2000 - 09:06 pm Thanks for the info. The sit is really not that bad. I took a 20k hit, but I did a fsbo and did not put a cent into the house in 10yrs. I heard of the lease option to get a cap gain, but just wanted out of the prop.
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