"JoshNYC" <joshnyc[at]yahoo.com> wrote:

- quote -

If it is your personal home, it is a personal non-deductible
loss

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

JoshNYC wrote:

- quote -

Yep, Regulation 1.165-9(a) which provides:

"(a) Losses not allowed. A loss sustained on the sale of
residential property purchased or constructed by the
taxpayer for use as his personal residence and so used by
him up to the time of the sale is not deductible under
section 165(a)."

If you read that and, well I just won't use it up until the
time of sale, there's some more general problems. First,
Section 165 limits losses claimed by individuals to certain
classes. Second, the regulation noted above further limits
the loss if you convert the property to rental use (a way
around the limit) to the loss that occurs *after* the date
of conversion.

--
Ed Zollars, CPA
Phoenix, Arizona

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

JoshNYC wrote:

- quote -

Losses on personal use property are non-deductible.

It would be hard to justify a home otherwise qualifying for
the section 121 exclusion as OTHER than personal use
property.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

"JoshNYC" <joshnyc[at]yahoo.com> wrote:

- quote -

Losses from the sale of a personal residence are not
deductible anywhere on any tax return.

Wayne Brasch, CPA, M. S. Taxation

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

- quote -

A loss on the sale of a personal residence is not deductible.

Mary Ann Thomas, EA in AZ

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

JoshNYC wrote:

- quote -

Yep.

What do you want to know?

Happy New Cheer$,
Harlan Lunsford, EA n LA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

joshnyc[at]yahoo.com (JoshNYC) wrote:

- quote -

If it's your residence, it's a personal loss, no deduction.
If it's rental or investment property, follow the rules for
that kind of property.

--
Chris Green

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

"JoshNYC" <joshnyc[at]yahoo.com> wrote

- quote -

Losses from the sale of your personal residence are not
deductible.

--
Paul A. Thomas, CPA
taxman at negia.net

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

joshnyc[at]yahoo.com (JoshNYC) writes:

- quote -

Yes. The rule is that you can't claim losses, even
though you have to pay tax on gains. Homes are personal
property under the law, and losses on the sale of
personal property are non-deductible.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

JoshNYC posted:

- quote -

A loss on the sale of your main home cannot be deducted.
Period.

Bill

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

joshnyc[at]yahoo.com (JoshNYC) wrote:

- quote -

There is no deduction for a capital loss on sale of your
personal residence.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

JoshNYC <joshnyc[at]yahoo.com> wrote:

- quote -

Very simple. Loss on sale of your personal home is not
allowed.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

I am familiar with the rules for cap. gains from the sale of
a home. Is anyone familiar with the rules surrounding
losses?

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->