"Growler" <smaye[at]yahoo.com> wrote:

- quote -

Consider the loss as a "tuition" for the school of life.
Alas, it's still not deductible.

Gary

--
E-mail to the above address is rarely read. If you want to
contact me directly, please send an e-mail to: gary at
gdgoodman dot com.

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"Growler" <smaye[at]yahoo.com> wrote:

- quote -

Points are mortgage interest.

--
Phil Marti
Clarksburg, MD

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Growler wrote:

- quote -

Points: If related to the mortgage, then they ARE mortgage
interest, and hence deductible.

Real estate fees: Los Angeles (used to, anyway) has a 1%
real estate transfer tax. Non deductible. Property taxes
are still deductible.

Moving expenses: It's not job related, so no. There may be
other reasons why it's not deductible.

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- quote -

Points are generally deductible.

Seth

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Well, I kind of figured that none of the loss would be deductible, but
I could not help hoping.

Is there anything else about the home transactions that could be
deducted other than mortgage interest? Points, real estate fees,moving
expenses?

Hey, I am grasping here. Anything would be a help.
Thanks for the replies!

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Growler wrote:

<<SNIP>
- quote -

I'm sorry to tell you there is no deduction for a loss on a
personal use asset such as a home. THe only deductions you
have (on Schedule A) or mortgage interest and real estate
taxes paid on that home.

Bill
[email address is brownwp instead of wpbrown]

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"Growler" <smaye[at]yahoo.com> wrote:

- quote -

I think, unfortunately, that you have to eat the loss for
tax purposes: this was a personal asset, not an investment
asset, and losses are not deductible.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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Losses on personal residences are not deductable.
A small piece of the transaction may have been property
tax and mortgage interest, so that can be itemized.

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Growler wrote:

- quote -

Sorry not to have better news, but you could only deduct
your $45K if your "new house" were an investment property.
Then it might be a capital loss.

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"Growler" <smaye[at]yahoo.com> wrote:

- quote -

Well, the good news is that it doesn't complicate your tax
return. The bad news is that you get no deduction, other
than mortgage interest and real estate taxes paid.

Phil Marti
Clarksburg, MD

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- quote -

You can claim mortgage interest on both homes and that is
about it. The loss is personal and cannot be deducted.

Helen, EA in PA
Director, NAEA; Immediate Past President, PSEA; Tax Expert, AOL
Enrolled Agents - THE Tax Professionals

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- quote -

Sorry to tell you that this is a non-event as far as taxes
go. You have a personal loss and personal losses are NOT
deductible.

Kate, EA in PA

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Growler wrote:

- quote -

Please don't shoot the messengers, since I'm sure there will
be many, however even though you have a loss, it's a
personal loss, and has nothing to do with your tax return.

Sorry.

ChEAr$,
Harlan Lunsford, EA n LA
Sun 30 Jan 2005

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"Growler" <smaye[at]yahoo.com> wrote

- quote -

Unfortunately.......it all sounds like a personal,
non-business, non-investment deal.

None of your expenses or losses are deductible.

--
Paul A. Thomas, CPA
Athens, Georgia

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Growler wrote:

- quote -

The $100/event subtraction for a casualty loss is probably
more than the cost of your shirt, so there's nothing to
deduct.

- quote -

That is a personal loss, which is not deductible.

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My wife and I did something really stupid last year. I lost
my shirt. I was in hopes I could at least claim a loss. I
will try to make the story brief.

We saw a house in our hometown we liked better than our own
and we bought it on October 1, 2004. We moved in and put
our old home on the market.

By the end of October we ended up really hating our new
house. Our old home had not sold yet. We moved back in to
our old house and put our new house back on the market. We
were able to re-sell the new home quickly. The transaction
for the closing was on December 28, 2004.

All told I am out ~$30K for realtors/finance fees. I lost
another ~$15K due to selling the home for $15K less than
what I paid.

It was a miserable year for us. I know I am in a mess, but
what is the best way to handle this on my taxes?

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