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Viewing 15 posts - 16 through 30 (of 31 total)
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  • October 10, 2008 at 7:38 AM #284959
    SD Transplant
    Participant

    You are young so learn from it. I’ve experienced the DOT COM bust when I was about your age, and it was a great lesson (I did not buy a place since I knew it was “the next bubble”)…..

    October 10, 2008 at 1:03 PM #285249
    djrobsd
    Participant

    [quote=fat_lazy_union_worker]Capital loses on a primary home I believe are not deductible[/quote]

    You are correct, I just researched the IRS Web site a bit more, and they are not deductible. Don’t ask me why I thought they were, I guess I had some friends who tried to convince me otherwise, and now I know the real truth.

    October 10, 2008 at 1:03 PM #285540
    djrobsd
    Participant

    [quote=fat_lazy_union_worker]Capital loses on a primary home I believe are not deductible[/quote]

    You are correct, I just researched the IRS Web site a bit more, and they are not deductible. Don’t ask me why I thought they were, I guess I had some friends who tried to convince me otherwise, and now I know the real truth.

    October 10, 2008 at 1:03 PM #285561
    djrobsd
    Participant

    [quote=fat_lazy_union_worker]Capital loses on a primary home I believe are not deductible[/quote]

    You are correct, I just researched the IRS Web site a bit more, and they are not deductible. Don’t ask me why I thought they were, I guess I had some friends who tried to convince me otherwise, and now I know the real truth.

    October 10, 2008 at 1:03 PM #285583
    djrobsd
    Participant

    [quote=fat_lazy_union_worker]Capital loses on a primary home I believe are not deductible[/quote]

    You are correct, I just researched the IRS Web site a bit more, and they are not deductible. Don’t ask me why I thought they were, I guess I had some friends who tried to convince me otherwise, and now I know the real truth.

    October 10, 2008 at 1:03 PM #285592
    djrobsd
    Participant

    [quote=fat_lazy_union_worker]Capital loses on a primary home I believe are not deductible[/quote]

    You are correct, I just researched the IRS Web site a bit more, and they are not deductible. Don’t ask me why I thought they were, I guess I had some friends who tried to convince me otherwise, and now I know the real truth.

    October 10, 2008 at 1:27 PM #285270
    Coronita
    Participant

    [quote=djrobsd][quote=fat_lazy_union_worker]Capital loses on a primary home I believe are not deductible[/quote]

    You are correct, I just researched the IRS Web site a bit more, and they are not deductible. Don’t ask me why I thought they were, I guess I had some friends who tried to convince me otherwise, and now I know the real truth.

    [/quote]

    Actually, in hindsight, you could have probably turned it into a 1 month rental, and considered a rental property, but don’t know if there would have been a time test.

    October 10, 2008 at 1:27 PM #285560
    Coronita
    Participant

    [quote=djrobsd][quote=fat_lazy_union_worker]Capital loses on a primary home I believe are not deductible[/quote]

    You are correct, I just researched the IRS Web site a bit more, and they are not deductible. Don’t ask me why I thought they were, I guess I had some friends who tried to convince me otherwise, and now I know the real truth.

    [/quote]

    Actually, in hindsight, you could have probably turned it into a 1 month rental, and considered a rental property, but don’t know if there would have been a time test.

    October 10, 2008 at 1:27 PM #285581
    Coronita
    Participant

    [quote=djrobsd][quote=fat_lazy_union_worker]Capital loses on a primary home I believe are not deductible[/quote]

    You are correct, I just researched the IRS Web site a bit more, and they are not deductible. Don’t ask me why I thought they were, I guess I had some friends who tried to convince me otherwise, and now I know the real truth.

    [/quote]

    Actually, in hindsight, you could have probably turned it into a 1 month rental, and considered a rental property, but don’t know if there would have been a time test.

    October 10, 2008 at 1:27 PM #285612
    Coronita
    Participant

    [quote=djrobsd][quote=fat_lazy_union_worker]Capital loses on a primary home I believe are not deductible[/quote]

    You are correct, I just researched the IRS Web site a bit more, and they are not deductible. Don’t ask me why I thought they were, I guess I had some friends who tried to convince me otherwise, and now I know the real truth.

    [/quote]

    Actually, in hindsight, you could have probably turned it into a 1 month rental, and considered a rental property, but don’t know if there would have been a time test.

    October 10, 2008 at 1:27 PM #285603
    Coronita
    Participant

    [quote=djrobsd][quote=fat_lazy_union_worker]Capital loses on a primary home I believe are not deductible[/quote]

    You are correct, I just researched the IRS Web site a bit more, and they are not deductible. Don’t ask me why I thought they were, I guess I had some friends who tried to convince me otherwise, and now I know the real truth.

    [/quote]

    Actually, in hindsight, you could have probably turned it into a 1 month rental, and considered a rental property, but don’t know if there would have been a time test.

    October 10, 2008 at 2:48 PM #285627
    SD Realtor
    Participant

    I would consult an accountant. Regarding the principal loss you are most likely out of luck. I don’t know if you can carry that against any possible capital gains in the future of your life. Again, talk to an accountant.

    Also if you are paying interest on loans associated with getting out of that home, you may indeed be able to deduct that interest. Again… talk to an accountant.

    October 10, 2008 at 2:48 PM #285618
    SD Realtor
    Participant

    I would consult an accountant. Regarding the principal loss you are most likely out of luck. I don’t know if you can carry that against any possible capital gains in the future of your life. Again, talk to an accountant.

    Also if you are paying interest on loans associated with getting out of that home, you may indeed be able to deduct that interest. Again… talk to an accountant.

    October 10, 2008 at 2:48 PM #285596
    SD Realtor
    Participant

    I would consult an accountant. Regarding the principal loss you are most likely out of luck. I don’t know if you can carry that against any possible capital gains in the future of your life. Again, talk to an accountant.

    Also if you are paying interest on loans associated with getting out of that home, you may indeed be able to deduct that interest. Again… talk to an accountant.

    October 10, 2008 at 2:48 PM #285575
    SD Realtor
    Participant

    I would consult an accountant. Regarding the principal loss you are most likely out of luck. I don’t know if you can carry that against any possible capital gains in the future of your life. Again, talk to an accountant.

    Also if you are paying interest on loans associated with getting out of that home, you may indeed be able to deduct that interest. Again… talk to an accountant.

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