[[ I sold a home in 1998 for $120,000. I originally paid $130,000 in 1990 and added $20,000 in home improvements to raise my cost basis to $150,000. My tax preparer stated that losses on sales of principle residence is now deductible under a recent tax revision. Is this true?]]Nope...not at all. It may be time for you to think about getting another tax preparer...one who keeps up on the current law. There was DISCUSSION to make a loss on a personal residence a deductible tax event, but it never got beyond the discussion stages. The loss on a personal residence is still a non-deductible personal loss.Sorry...both for you AND your tax preparer.TMF TaxesRoy
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