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