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Author: pacefund Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121592  
Subject: Loss on house sale Date: 2/5/2000 10:28 PM
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I sold my house this year and took a loss on the sale.
Can anyone tell me if I can deduct this as a loss, and how I would go about handling this on my taxes.

Thanks much,
Pacefund
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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27423 of 121592
Subject: Re: Loss on house sale Date: 2/6/2000 1:52 AM
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<< I sold my house this year and took a loss on the sale. Can anyone tell me if I can deduct this as a loss, and how I would go about handling this on my taxes. >>

Assuming this was your personal-use property, the loss is not deductible.

Phil Marti
Tax Preparer

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Author: pacefund Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27427 of 121592
Subject: Re: Loss on house sale Date: 2/6/2000 6:12 AM
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Hi Phil,
thanks for your help. I was actually using it as rental property. Does this make any difference.Thanks

-Pacefund


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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27438 of 121592
Subject: Re: Loss on house sale Date: 2/6/2000 10:17 AM
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<< I was actually using it as rental property. Does this make any difference. >>

A BIG one. You report sales of income-producing property on Form 4797, and losses are recognized. Remember, though, that your basis is reduced by allowable depreciation, so your tax loss may not be as much as you think it is.

Phil Marti

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