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Financial Planning / Tax Strategies


Subject:  Re: Loss on real estate sale Date:  8/21/2000  9:02 PM
Author:  EGUSC Number:  38972 of 130720

<<If you are using the properties purely for investment purposes (like a second or third home)>>

I think this may need some clarification, it seems that words with different meanings are use to say the same thing. To my thinking the words purely for investment of a second home are conflicting. If the house is a second home, like a winter or summer house, a loss on the sale would be a personal loss and not deductable at all. If you own a vacant house that is just sitting unused, its deem held for investment and any loss on its sale is capital, and can only offset $3,000 of ordinary income a year.

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