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JAVIER
January 31, 2012, 05:57
hello: is that true the if you loose money in the sale of a home from the initial purchase price and it was used only
as your private home for you, your wife and children and not used for any
business, you CAN NOT claim it as a private property capital loss on your income tax?
but if you gain money on the sale of a house from the initial purchase, you
must declare that money gain to the IRS? does not seem fair does it? can some one elaborate on this??? thank you, javier:mad:

martin35
January 31, 2012, 16:03
I don't think you can deduct a loss from your main residence sale,, but you could for any property bought for investment and sold at a loss.

jdmcomp
January 31, 2012, 16:39
If indeed there is a capital gain in the sale of a private residence, you have to report that gain if it is not reinvested into another home. You do get a big freebee in that, as I remember, the first quarter million is not taxed for the owner, half mill for husband and wife. Remember, only the capital gain, not the total selling price. You can deduct any improvements you made, but not normal maintenance. This would be putting carpet on floors where there was none but not replacing worn carpeting for example.

tdb59
January 31, 2012, 20:29
No capital gain on sale of the home, within certain dollar limits, IF it was your PRIMARY residence for two of the last five years prior to date of actual sale.

JAVIER
January 31, 2012, 22:08
I lost 30.000 from the initial purchase.... lived in the house 20 years...
sold it last year...... so I can not claim that loss in my income tax right>???
:redface:

Mark IV
February 01, 2012, 09:14
Member JohnnyV1966 might be able to help you. I think he has an accounting background.