[net.taxes] Is a loss on home deductable?

merrill@regent.dec.com (Rick Merrill ...) (09/22/86)

I have heard that you cannot deduct a loss on a home.  How can that be 
and where does it show up on your income tax form?  If true, WHY on earth
was it done?


	Rick Merrill

ask@cbrma.UUCP (A.S.Kamlet) (09/24/86)

In article <5468@decwrl.DEC.COM> merrill@regent.dec.com (Rick Merrill ...) writes:
>I have heard that you cannot deduct a loss on a home.  How can that be 
>and where does it show up on your income tax form?  If true, WHY on earth
>was it done?

You cannot deduct a loss on selling any personal property.
That includes your home, car, clothes, ...

Now, if you buy a house as business property, that's another story.

Perhaps you were referring to a casualty loss on your home.
Again, under the new bill, you can't deduct such losses on
personal property.  Why?  Good question.  (Maybe to help
the insurance companies :-)
-- 
Art Kamlet   AT&T Bell Laboratories  Columbus  {cbosgd | ihnp4}!cbrma!ask