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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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<< 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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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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<< 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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