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loss on primary residence: write-off?

 
 
JDS
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      07-09-2004, 05:39 PM
Hi,

Maybe someone knows the answer to this. If I lose money on
my primary residence, can I write that off in any way?

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Rich Carreiro
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      07-13-2004, 10:09 PM
(E-Mail Removed) (JDS) writes:

> Maybe someone knows the answer to this. If I lose money on
> my primary residence, can I write that off in any way?


No. Losses on the sale of personal property are not
deductible.

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Rich Carreiro (E-Mail Removed)

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John H. Fisher
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      07-13-2004, 10:10 PM
> Maybe someone knows the answer to this. If I lose money on
> my primary residence, can I write that off in any way?


NOPE, unless the loss is generated by a casulaty!!!
Personal losses, upon sale, are not deductible.

"Jack" - John H. Fisher - (E-Mail Removed)
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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Christopher Green
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      07-13-2004, 10:29 PM
(E-Mail Removed) (JDS) wrote:

> If I lose money on
> my primary residence, can I write that off in any way?


No, capital losses on personal-use assets aren't deductible.

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Chris Green

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Missy Doyle
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      07-13-2004, 11:07 PM
(E-Mail Removed) (JDS) wrote:

> Maybe someone knows the answer to this. If I lose money on
> my primary residence, can I write that off in any way?


No. It is a personal loss not a business loss.

Missy Doyle

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MAT1040X
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      07-13-2004, 11:07 PM
> Maybe someone knows the answer to this. If I lose money on
> my primary residence, can I write that off in any way?


No. Loss on the sale of your primary residence is a
personal loss and personal losses are not deductible.

Mary Ann Thomas, EA in AZ

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David Woods, EA, ChFC, CLU
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      07-13-2004, 11:26 PM
"JDS" <(E-Mail Removed)> wrote:

> Maybe someone knows the answer to this. If I lose money on
> my primary residence, can I write that off in any way?


Never.

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David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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D. Stussy
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      07-13-2004, 11:26 PM
JDS wrote:

> Maybe someone knows the answer to this. If I lose money on
> my primary residence, can I write that off in any way?


Only illegally. (Well, that's a "way.")

Personal losses are not deductible.

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CBotella
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      07-13-2004, 11:45 PM
> If I lose money on
> my primary residence, can I write that off in any way?


Sorry, personal losses are not deductible.

Kate, EA in PA

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Gary Goodman
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      07-21-2004, 04:41 AM
(E-Mail Removed) says...

> Maybe someone knows the answer to this. If I lose money on
> my primary residence, can I write that off in any way?


As a lesson in life.

Gary

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You can probably X figure out X which letters to X delete to derive my
email address X.

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