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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: DMaA who wrote (108205)	3/6/2008 1:02:55 PM
From: Travis_Bickle	Read Replies (1) \| Respond to of 306849

Nope.

To: DMaA who wrote (108205)	3/6/2008 4:16:07 PM
From: ChanceIs	Read Replies (1) \| Respond to of 306849

>>>Can people still take a capital LOSS on a house sale?<<< Pre Clinton rule changes, you could NEVER take a loss on a house. As I recall, you could always roll it up to a larger house w/o paying a capital gains tax, and once in a lifetime cash out w/o a penalty. I can't speak for what the law is after the change, but I see that other posters have answered in the negative based upon investment property considerations. Of course in these days, whose house wasn't an investment. I mean...after all...the bank said it would go up. The fact that I lived there was incidental. You can bet that that argument will be in front of the IRS shortly. And a lot of people will have cooked up evidence that they never lived in the property in question. You know...I lied to get the loan...so I lied about the fact that I would live there.