Please consider renting your place. Here’s why:
1. Losses on a personal residence are not tax deductible.
2. Losses from rental property are tax deductible.
Pay for some solid advice from a good tax accountant. Not H&R Block. Your situation is much more complicated than they can handle.
It may be possible to:
1. Convert your property to a rental for a few years.
2. Deduct the loss when you sell it.
3. Loss is defined as: original purchase price
PLUS all improvements MINUS selling price.
Your loss could make a nice tax deduction in a year when you get a big bonus from your new job.
