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Don't believe so, it's a personal residence. Go to IRS.gov and look at Publication 544, it spells it out. No. This situation can only create a capital loss with business property. If it was your personal residence, you'll just have to be content with the fact that you don't have a capital gain. :)

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โˆ™ 2008-01-17 22:37:54
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Q: If your home was repossessed by the bank can the difference between the original price paid and the balance of the mortgage be declared as a capital loss with IRS taxes?
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Can a mortgage be discharged if it is assumed by the buyer?

It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.


What is a mortgage loan originator?

Mortgage loan originator is an institution or individual that works with borrower to complete a mortgage transaction.A mortgage originator can be a mortgage broker or mortgage banker & is the original mortgage lender.


Where does one serve legal process on Mortgage Electronic Registration Systems Inc also referred to as MERS?

One needs to refer to the original mortgage document to determine the title, address and capacity of the original MERS entity that stood as mortgagee.One needs to refer to the original mortgage document to determine the title, address and capacity of the original MERS entity that stood as mortgagee.One needs to refer to the original mortgage document to determine the title, address and capacity of the original MERS entity that stood as mortgagee.One needs to refer to the original mortgage document to determine the title, address and capacity of the original MERS entity that stood as mortgagee.


My car was repossessed can i get the radio i purchased out of the car?

Maybe, if you have the original, but, it is ultimately up to the bank.


What can be done with a mature mortgage?

A mature mortgage has usually amortized and paid itself out. If it has been paid out the mortgage lender will send you your original Security deed back.


How can one get cash out of a home mortgage?

One can get a cash out on the mortgage on their home when one plans to refinance. The refinanced mortgage is higher than the original mortgage, so one is able to keep the leftover cash.


If car is repossessed does the owner have to still pay original cost of car?

In most cases YES


What is the difference between a foreclosure and a repossession?

They are virtually the same since you don't own that thing any more and they both badly affect your credit. The major difference is that with repossession your "thing/s" are taken away or repossessed by the original owner. With a house in foreclosure you have to leave/move away.


How can you refinance your home mortgage?

To refinance your home mortgage, you can go to a bank or credit union with the proper paperwork from your original mortgage and ask for refinance. There's usually fees involved, but if you need to, you can.


What happens if they can't find the motorcycle to be repossessed?

Edit: They should replace it. Original: you win.


If your first original mortgage is current can a second mortgage foreclose?

Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.


Does a rider to a Deed of Trust or Mortgage replace the Deed of Trust or Mortgage?

No. A rider adds to the document, and perhaps changes some of the original provisions.


If your lender sells your loan to another lender are they suppose to notify you that your mortgage was sold?

Yes, do not send anything to anyone who claims to have purchased the mortgage. Continue to send payments to the original mortgage company until THEY inform you otherwise. There is a scam out there where people get the mortgage information from county records then send an official looking letter. It's good for one or two mortgage payments to a mail drop and you end up being out a couple payments. Don't fall for that one. If you have any questions, contact your original mortgage company and verify the mortgage status


How do I obtain a Clear title after mortgage is paid off?

Often you or the mortgage company file a certificate of release, referencing the original record of the mortgage. There are other complications if there was a deed of trust or other partial conveyance.


How can you find out who your mortgage note was sold to?

Call the original mortgage company. Talk to a representative directly. There should be contact information on your payment book or receipt.


How do you fill out release of mortgage document?

To ensure that you officially release the specific mortgage that has been paid off or satisfied, a discharge of mortgage, or "release of mortgage" will require the following informtion: Original mortgage information Original lender Date Original principal amount Recording information (County, and book/page or Document No#) Borrower's name Property Addresss The release of mortgage needs to be signed by the current mortgage holder of record. The person signing the release needs to have the discharge executed in front of a Notary Public.


Can you qualify for a Reverse mortgage with balance owed on original mortgage?

Yes. The reverse mortgage must however pay off the existing mortgage balance, which means you need some equity to make the qualification work. If there is not enough equity in the home to qualify for a reverse mortgage you may choose to bring in the amount needed to finish paying off the existing mortgage- thus eliminating the mortgage payments for good.


Where does most of the money go in a mortgage?

In the typical 30 year mortgage, the first 20 years are mostly paying interest on the loan. You can expect to pay about 2.5 times of the original mortgage price for the life of the loan.


What happens to the joint mortgage holder of a take over mortgage if the original mortgage holder pays the loan?

The joint person is still responsible until the loan is paid off or refinanced out of the person's joint name.


How does a second mortgage appear on your original mortgage?

When a person or family buys a home with a mortgage, it is registered with the county or city registry as the first mortgage. The first mortgage is paid off first in whatever case. A second mortgage on the other hand is a secured home equity loan against the same property. If you default on your mortgage payments the lender has to wait after the till the first mortgage is paid. For this reason the second mortgage rates may be higher. Second mortgages are usually smaller loans.


If the deed of the house is in your husbands and your name and you are paying the original owners mortgage what are your legal rights to the home?

You and your husband are the legal owners of the property but it is subject to the mortgage. If you default on the mortgage payments the bank can take possession of the property by foreclosure.


How does no cost mortgage refinance work?

No-cost mortgage refinance refers to a situation where a borrower pays no closing costs on a mortgage that is refinanced. Typically, this is done because the new lender will pay the original lender the closing costs, and will still make a profit at the lower mortgage rate.


21st Mortgage Company is a Tennessee mortgage company and their web page says they do not offer financing in Massachusetts so how did they end up with my home mortgage?

The may have acquired your mortgage through an assignment from an affiliate. Also, they may be a servicing agent for the original lender. You can check the local land records to determine if an assignment of mortgage was recorded.


Where can find out my neighbor's mortgage?

the register of deeds in each county keeps records on how much the original mortgage was. Present values become a best guess from there based on rates at the time and loan term. Full mortgage documents are not recorded.


How much does a repossessed vehicle sale at action?

Truthfully a repossessed vehicle sells for what the bank is trying to get out of it and that is usually what is owed on the original loan and sometimes they will accept less for a number of reasons just to get rid of it and that would be damage to the vehicle, age and mileage.