0
No. Your residence is considered personal property, like car or TV set, and unfortunately you cannot write off any loss you suffered.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
Can you take a capital loss on home sale to offset stock gains?
No, not if the home is your personal residence at the time of sale. A loss on a personal residence is not deductible. It cannot be used to offset any type of gains, ordinary or capital in nature.
Can i take a Loss on a personal residence for capital gains?
No.
Can you deduct the loss of a home sold in 2005 that was not a primary resident but a rental property?
The question is not whether the home was a primary residence, but whether the home was used for personal purposes. It doesn't matter if it was a primary residence, secondary residence, summer cottage, weekend retreat or whatever. If you used it for personal use, loss is not deductible. Since you say it was a rental property, it was not a personal use property. So you can take a capital loss if it applies. But in determining if you had a loss remember that you have to account for depreciation you took (or could have taken) when you owned it. If you failed to properly claim a capital loss in 2005, you need to hurry. The deadline for almost everyone to file an amended 2005 return and get a refund is April 15, 2009, which is about a week and a half from now. You cannot claim the original loss on your 2008 return. You have to file an amended 2005 return to do it.
Can you take merchandise home from a business and sell it with no tax?
Most states do allow this, provided the merchandise you sell is under a certain dollar amount per year. The same rules apply for yardsales.
If I change my primary residence to a rental for any period and then sell it at a loss can I deduct the loss?
You will never be able to take a loss for the decrease in value during the time it was a personal use property. At best, you'll be able to take a loss for any further decrease in value after you convert it to a rental property. It is very important that you get an appraisal at the time you convert it. If you sell it for a loss, your basis for determining a loss will be the lesser of the following two numbers: 1) The FMV of the property on day it was converted to rental use minus depreciation allowed or allowable. 2) The original adjusted basis of the property minus depreciation allowed or allowable. On the other hand, your basis for determining a gain will be the original adjusted basis minus depreciation allowed or allowable. If you have a gain use the loss basis and a loss using the gain basis, then your gain is considered to be zero.
Can you take a capital loss on home sale to offset stock gains?
No, not if the home is your personal residence at the time of sale. A loss on a personal residence is not deductible. It cannot be used to offset any type of gains, ordinary or capital in nature.
Can i take a Loss on a personal residence for capital gains?
No.
Why is it best to sell inventory for less than the amount paid for it?
It is NOT best. But if there is an urgent need for capital to buy fresh inventory and current inventory is not selling, some businesses will take the loss.
When you sell property less than you gave do you get to take it off your income taxes?
Not from current Income. But it can setoff the Capital Gains and hence Capital gains tax.
If I sell my home currently taxed under prop 13 and buy another one at lesser value after retirement can I take advantage of prop 13 on my new home?
can I sell my home and take use of prop 13 on another home in the los angeles county?
Can you deduct the loss of a home sold in 2005 that was not a primary resident but a rental property?
The question is not whether the home was a primary residence, but whether the home was used for personal purposes. It doesn't matter if it was a primary residence, secondary residence, summer cottage, weekend retreat or whatever. If you used it for personal use, loss is not deductible. Since you say it was a rental property, it was not a personal use property. So you can take a capital loss if it applies. But in determining if you had a loss remember that you have to account for depreciation you took (or could have taken) when you owned it. If you failed to properly claim a capital loss in 2005, you need to hurry. The deadline for almost everyone to file an amended 2005 return and get a refund is April 15, 2009, which is about a week and a half from now. You cannot claim the original loss on your 2008 return. You have to file an amended 2005 return to do it.
When mutual funds advance you get slapped with capital gain taxes but when they decline you cannot deduct any losses why?
You can if you sell at a loss. Problem is that if you make $10,000 profit, you pay tax on it all in one year. If you lose $10k, you can only write off about $3,000 per year so it will take you 4 tax years to write off that kind of loss. Been there, did that.
What does take away mean?
It means to remove. It also refers to restaurants who will sell you a meal which you can take home to eat.
If a mobile home is not attached to Texas real property and I default on the mobile home what can the mortgage holder do?
Take the mobile home back and sell it.
Why do you sell your home and enter assisted living?
Because you would not be able to take care of yourself and your home. You need "assistance".
What does Capital Direct offer?
Home loans for people who live in Canada. Canadians can apply online for a mortgage loan or a home equity loan from the Capital Direct website. The applications take just 4 minutes.
Do spas generally sell beauty products to take home?
Yes, spas commonly sell a range of beauty products to take with you. It's especially common to see them sell their own special brand of products in order to make money.
