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Like so many people in Hawaii caught in our real estate downfall of the 90's, I am similar to example 1 in the 3/19/98 Tax Q & A by Roy Lewis, in which my AGI is under $100,000, bought a principal residence at a peak of 175K in 1990,simaltaneously tried selling/renting in 1997, successfully rented in 1998,1999 (six months total) before SELLING in June 99 for 115K....Is the FMV calculated from a)the day I posted an ad for rent(even though I was adv. for Sale also); b) the day I first rented it (Dec. 98); and if the FMV in a or b is for example 145K(VERY LIKELY BELOW 175K since I WAS FORCED TO DROP THE ASKING PRICE MANY TIMES TO just to INDUCE OFFERS), will I be able to claim any or all of that difference as a capaital losss. I beleive the Roy Lewis answer is saying there is no way I can use the 175K as a basis for loss calculation. Too bad as so many of us are in the same boat and much worse than I.
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