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Posted: 7/8/2011 2:56:32 PM EDT
[#1]
look up insolvency or form 982 I think.
ETA- I don't think that's it. First post did NOT nail it this time.  |
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Posted: 7/8/2011 2:56:37 PM EDT
[#2]
this topic is highly relevant to me considering a just took a $65,000 loss on mine.
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Posted: 7/8/2011 2:57:04 PM EDT
[#3]
Quoted:
this topic is highly relevant to me considering a just took a $65,000 loss on mine. OUCH |
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Posted: 7/8/2011 3:00:10 PM EDT
[#4]
Tag for when I offload one.
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Posted: 7/8/2011 3:06:23 PM EDT
[#5]
Quoted: Quoted: this topic is highly relevant to me considering a just took a $65,000 loss on mine. OUCH yes indeed, but i had to stop the bleeding. shit isnt going to get better anytime in the next 5 years. i had an opportunity to relocate back closer to family and to a job with a 20% pay increase + no state income tax. I figure it will take me a year to make up the loss. im fortunate i had the resources to do it. writing a check for tens of thousands of dollars at closing when you are the seller blows donkey dicks.  |
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Posted: 7/8/2011 3:06:54 PM EDT
[#6]
Obama is trying to figure out how to tax losses too.
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Posted: 7/8/2011 3:07:28 PM EDT
[#7]
You can if it's a rental.
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Posted: 7/8/2011 3:12:35 PM EDT
[#8]
No. It is NOT deductible. Google IRS and search on capital loss on personal residence.
If you rent it for a year before you sell it, you can write it off. |
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Posted: 7/8/2011 3:13:30 PM EDT
[#9]
No - you cannot.
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Posted: 7/8/2011 3:17:23 PM EDT
[#10]
No. The loss on the sale of your personal "residence" is not deductible.
However, if you use it as rental property, it can be written off as a business loss. Here's the short and swift response from the IRS: IRS policy on loss on sale of a home |
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Posted: 7/8/2011 3:30:10 PM EDT
[#11]
Quoted:
I know you have to pay taxes on any gains from selling your home... what about losing money on your home? Is a gain on a house taxable? What if you reinvest part or all of the gain in another home? If you put it toward another home, how long do you have to purchase the new home? |
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Posted: 7/8/2011 3:30:18 PM EDT
[#12]
The .gov is a shrewd 'business partner".
You put up all the capital, you take the all risk. The .gov shares the profits. The .gov leaves you holding the losses. 
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Posted: 7/8/2011 3:33:05 PM EDT
[#13]
Quoted:
I know you have to pay taxes on any gains from selling your home... what about losing money on your home? Boo hoo, that's just the price of you being able to own a home, what did you think, you'd actually be able to make money on your home? You're obviously rich so sit down and shut up, you must be selfish and racist too. |
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Posted: 7/8/2011 3:34:53 PM EDT
[#14]
Quoted: Quoted: I know you have to pay taxes on any gains from selling your home... what about losing money on your home? Is a gain on a house taxable? What if you reinvest part or all of the gain in another home? If you put it toward another home, how long do you have to purchase the new home? The first $250k in gain for singles and $500k for couples is not taxed, or something around those numbers. |
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Posted: 7/8/2011 3:39:16 PM EDT
[#15]
Plus as a rental, the only loss that is deductible, is the loss from the start of the rental period, to the end. ie: if the biggest drop has already been experienced, then setting up a 1 year lease doesn't put the toothpaste back in the tube.
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Posted: 7/8/2011 3:41:52 PM EDT
[#16]
Quoted:
Obama is trying to figure out how to tax losses too. |
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Posted: 7/8/2011 3:42:33 PM EDT
[#17]
Believe me, the tax laws are tilted in favor of the government at every turn. You cannot win.
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Posted: 7/8/2011 3:43:31 PM EDT
[#18]
I took it in the arse when I sold my house last month. I ended shelling out about 18,000!!
I'm so pissed at the way things are going, I can't see straight! We did nothing but put money into the house to make it nice. I'm even more pissed because I though I could write off the loss, and now I find the loving .gov has fucked me yet again!! On a lighter note, I'm completely debt free except for monthly utility bills and rent. I can save some serious money that way things are now.  Oh yea, FBO!! |
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Posted: 7/8/2011 3:53:19 PM EDT
[#19]
Quoted:
I took it in the arse when I sold my house last month. I ended shelling out about 18,000!! I'm so pissed at the way things are going, I can't see straight! We did nothing but put money into the house to make it nice.
I'm even more pissed because I though I could write off the loss, and now I find the loving .gov has fucked me yet again!!
On a lighter note, I'm completely debt free except for monthly utility bills and rent. I can save some serious money that way things are now.
Oh yea, FBO!! BHO the great leveler, patron saint of marxists, master community organizer, most intelligent person in the world, and the next savior of mankind. |
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Posted: 7/8/2011 3:59:29 PM EDT
[#20]
Quoted:
You are free, a lot of others are taking bigger hits than you,
I took it in the arse when I sold my house last month. I ended shelling out about 18,000!! I'm so pissed at the way things are going, I can't see straight! We did nothing but put money into the house to make it nice.
I'm even more pissed because I though I could write off the loss, and now I find the loving .gov has fucked me yet again!!
On a lighter note, I'm completely debt free except for monthly utility bills and rent. I can save some serious money that way things are now.
Oh yea, FBO!! |
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Posted: 7/8/2011 4:05:50 PM EDT
[#21]
Quoted: Quoted: You are free, a lot of others are taking bigger hits than you, I took it in the arse when I sold my house last month. I ended shelling out about 18,000!! I'm so pissed at the way things are going, I can't see straight! We did nothing but put money into the house to make it nice. I'm even more pissed because I though I could write off the loss, and now I find the loving .gov has fucked me yet again!! On a lighter note, I'm completely debt free except for monthly utility bills and rent. I can save some serious money that way things are now. Oh yea, FBO!! If I sold mine, I'd have to show up at closing with around $35k...being as I can't produce that much in the form of a check...I'd have to take out a loan to sell my house. There's a reason we're renting it... |
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Posted: 7/8/2011 4:07:29 PM EDT
[#22]
nope
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Posted: 7/8/2011 4:08:15 PM EDT
[#23]
Quoted:
LOL you have to pay to sell, right now its not the time to sell
Quoted:
Quoted:
You are free, a lot of others are taking bigger hits than you,
I took it in the arse when I sold my house last month. I ended shelling out about 18,000!! I'm so pissed at the way things are going, I can't see straight! We did nothing but put money into the house to make it nice.
I'm even more pissed because I though I could write off the loss, and now I find the loving .gov has fucked me yet again!!
On a lighter note, I'm completely debt free except for monthly utility bills and rent. I can save some serious money that way things are now.
Oh yea, FBO!! If I sold mine, I'd have to show up at closing with around $35k...being as I can't produce that much in the form of a check...I'd have to take out a loan to sell my house. There's a reason we're renting it... |
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Posted: 7/8/2011 4:17:37 PM EDT
[#24]
Quoted: No shit, huh? Quoted: LOL you have to pay to sell, right now its not the time to sellQuoted: Quoted: You are free, a lot of others are taking bigger hits than you, I took it in the arse when I sold my house last month. I ended shelling out about 18,000!! I'm so pissed at the way things are going, I can't see straight! We did nothing but put money into the house to make it nice. I'm even more pissed because I though I could write off the loss, and now I find the loving .gov has fucked me yet again!! On a lighter note, I'm completely debt free except for monthly utility bills and rent. I can save some serious money that way things are now. Oh yea, FBO!! If I sold mine, I'd have to show up at closing with around $35k...being as I can't produce that much in the form of a check...I'd have to take out a loan to sell my house. There's a reason we're renting it...  We bought on the downslide...and it kept sliding  |
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Posted: 7/8/2011 4:36:36 PM EDT
[#25]
Certainly you can. It's a capital asset and you can deduct the loss so long as you don't exceed whatever the threshold (income related) is.
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Posted: 7/8/2011 4:49:34 PM EDT
[#26]
My general rule of thumb is if it benefits you/me, it probably isn't legit.
Just about every base has been covered to have you part with your money. |
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Posted: 7/8/2011 4:55:30 PM EDT
[#27]
Losses (Homes, Stocks, Other Property)
Question: Is the loss on the sale of your home deductible? Answer: The loss on the sale of a personal residence is a nondeductible personal loss. Additional Information: Publication 523, Selling Your Home Tax Topic 409, Capital Gains and Losses Category: Capital Gains, Losses/Sale of Home Subcategory: Losses (Homes, Stocks, Other Property) You know, you can look up answers by googling a question. |
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Posted: 7/8/2011 5:15:28 PM EDT
[#28]
That is one of the primary reasons I rented our house instead of taking a bath on it. Turned it into a rental property in Jan of 2010. 2011 assessed value dropped by 35%. To compete better in the neighborhood we include utilities which of course we write off to soften the loss. Of course, I write off everything from gas for the lawnmower to mileage to pick up the rent or check on the property. The way I calculate it, someone is paying our mortgage for us as we make about an extra 300$ a month. Of course, renters can be a PITA and the house still ain't worth shit so FBHO!!!
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Posted: 7/8/2011 8:28:21 PM EDT
[#29]
Quoted: That is one of the primary reasons I rented our house instead of taking a bath on it. Turned it into a rental property in Jan of 2010. 2011 assessed value dropped by 35%. To compete better in the neighborhood we include utilities which of course we write off to soften the loss. Of course, I write off everything from gas for the lawnmower to mileage to pick up the rent or check on the property. The way I calculate it, someone is paying our mortgage for us as we make about an extra 300$ a month. Of course, renters can be a PITA and the house still ain't worth shit so FBHO!!! Be glad you can rent it for more than the motgage...mine in Macon drops about $280/month under my mortgage. Lots of write offs in a rental, though. I visited this year as part of our family reunion...which makes the hotel to and from there a write off, meals to and from write offs, mileage to and from a write off... And yeah...still a PITA. |
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Posted: 7/8/2011 8:48:28 PM EDT
[#30]
Quoted: Quoted: Quoted: this topic is highly relevant to me considering a just took a $65,000 loss on mine. OUCH yes indeed, but i had to stop the bleeding. shit isnt going to get better anytime in the next 5 years. i had an opportunity to relocate back closer to family and to a job with a 20% pay increase + no state income tax. I figure it will take me a year to make up the loss. im fortunate i had the resources to do it. writing a check for tens of thousands of dollars at closing when you are the seller blows donkey dicks. Join the club. Personally, it was worth every penny for me. Kinda like a divorce, except I was getting rid of a different kind of bitch. Whenever I find myself in a painful situation like that I like to remind myself that I am not the first or the last person that will go through those exact same set of circumstances. Helps me feel normal. |
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Posted: 7/8/2011 8:54:26 PM EDT
[#31]
Quoted:
The .gov is a shrewd 'business partner". You put up all the capital, you take the all risk. The .gov shares the profits. The .gov leaves you holding the losses. Unless you're too big to fail. |
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Posted: 7/9/2011 1:09:20 PM EDT
[#32]
Quoted:
I look at some good houses here in Miami, walk in some awesome "mansions" but they are asking way too much. if I sell my apartment (2 of them) right now they are both paid off I will not get the price that I want to upgrade. I have about $600 in maintenance fees way cheaper than rent
Quoted:
No shit, huh? Quoted:
LOL you have to pay to sell, right now its not the time to sell
Quoted:
Quoted:
You are free, a lot of others are taking bigger hits than you,
I took it in the arse when I sold my house last month. I ended shelling out about 18,000!! I'm so pissed at the way things are going, I can't see straight! We did nothing but put money into the house to make it nice.
I'm even more pissed because I though I could write off the loss, and now I find the loving .gov has fucked me yet again!!
On a lighter note, I'm completely debt free except for monthly utility bills and rent. I can save some serious money that way things are now.
Oh yea, FBO!! If I sold mine, I'd have to show up at closing with around $35k...being as I can't produce that much in the form of a check...I'd have to take out a loan to sell my house. There's a reason we're renting it... We bought on the downslide...and it kept sliding
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