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What else can I help you with?
Can you deduct - from your taxes - the loss on the sale of your home?
The loss on the sale of a personal residence is a nondeductible personal loss. (Source: http://www.irs.gov/faqs/faq/0,,id=199617,00.html)
Can you deduct a loss on an REIT?
no
Can you deduct an accrued loss contingency for tax purposes?
no
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 you deduct the purchase of a used car from your taxes?
No. But an uninsured vehicle loss can be.
Can you deduct - from your taxes - the loss on the sale of your home?
The loss on the sale of a personal residence is a nondeductible personal loss. (Source: http://www.irs.gov/faqs/faq/0,,id=199617,00.html)
How do you deduct home owners insurance from a rental property loss?
You can't do that.
Can you deduct a loss on an REIT?
no
Can you deduct an accrued loss contingency for tax purposes?
no
Where profit and loss posted in balance sheet?
Profit will add with capital and loss will deduct from it.
If I lose on stock sale can the loss be claimed on my tax return?
You can deduct capital losses up to the amount of your capital gains, plus $3,000 ($1,500 if married filing separate.) Any excess capital loss is carried over to future years.
Can you deduct the loss to your mutual fund on your income taxes?
Not unless you sold (redeemed) the fund shares. If you are still hanging onto the shares, then there is no loss to report. When you sell the shares, you report the sale on Schedule D. It is too late to report a 2008 loss unless you sold the shares in 2008.
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 you deduct home health care?
NO
Can you deduct the total cost of a home renovation?
Actually, you can't deduct any of the cost of maintaining or improving your home. Zilch. Just like you can't deduct any of the purchase price of buying it. Once, when the gain on a home was taxable, you needed to track the cost and improvements to determine the basis and derive the actual gain at sale (but that too is different than currently deducting it). And as the gain is generally no longer taxable, tracking basis is now not terribly important in most situations. (Unless very large appreciation in value, or unqualified sale is involved). True, with certain qualifying conditions, the interest on a loan/mortage secured to the home is deductable. But not the home or improvement.
Can you deduct the purchase of a used car from your taxes?
No. But an uninsured vehicle loss can be.
Can you deduct a loss of income due to medical on income taxes?
yes
