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Feb 24, 2017
12:22
:50
pm
donnerstag
All-American
It's all about whether it's a personal residence
If it was, I would have told him to rent it out for a year and then sell. That way, you can deduct the selling expenses.
If it was a primary residence, then you have to eat the loss.
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donnerstag
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donnerstag
Joined
Feb 22, 2005
Last login
Apr 29, 2024
Total posts
38,917 (680 FO)
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Messages
Author
Time
This is a really dumb question, but if I bought a house last July and sell it this spring at the same price, there is
Ragnar Danneskjold
User is offline
2/24/17 11:42am
Idaho too much for you huh?
The Board Idiot
2/24/17 11:43am
Too many californians here.
Ragnar Danneskjold
2/24/17 11:45am
Correct.
mulletino
2/24/17 11:44am
Yes, assuming no improvements.
Jeremy
2/24/17 11:44am
I don't think improvements would change the result. He
CDV
2/24/17 11:48am
It's all about whether it's a personal residence
donnerstag
2/24/17 12:22pm
yeah. Good points.
CDV
2/24/17 12:30pm
On this type of loss, how long can you carry it over (say you lost 30k)?
Z-rex
2/24/17 12:30pm
Good question
donnerstag
2/24/17 12:38pm
Interesting, good to know.
Z-rex
2/24/17 12:40pm
That depends on whether it's a primary residence or an investment
donnerstag
2/24/17 12:12pm
Primary.
Ragnar Danneskjold
2/24/17 2:50pm
As mentioned, convert it to an investment property
donnerstag
2/24/17 3:12pm
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