loss on primary residence: write-off?

Discussion in 'Tax' started by JDS, Jul 9, 2004.

  1. JDS

    JDS Guest

    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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    JDS, Jul 9, 2004
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  2. (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.

    --
    Rich Carreiro

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    Rich Carreiro, Jul 13, 2004
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  3. > 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 -
    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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    John H. Fisher, Jul 13, 2004
    #3
  4. (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.

    --
    Chris Green

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    Christopher Green, Jul 13, 2004
    #4
  5. JDS

    Missy Doyle Guest

    (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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    Missy Doyle, Jul 14, 2004
    #5
  6. JDS

    MAT1040X Guest

    > 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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    MAT1040X, Jul 14, 2004
    #6
  7. "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?


    Never.

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

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    David Woods, EA, ChFC, CLU, Jul 14, 2004
    #7
  8. JDS

    D. Stussy Guest

    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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    D. Stussy, Jul 14, 2004
    #8
  9. JDS

    CBotella Guest

    > 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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    CBotella, Jul 14, 2004
    #9
  10. JDS

    Gary Goodman Guest

    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

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

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    Gary Goodman, Jul 21, 2004
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