Things that make you go "hmmm...."
Just stumbled on something...interesting. The IRS wrote up a Q&A ,
Yet when you *sell* a home, you have to pay a tax on any gain.
Since you have to pay tax on any gain, seems only logical that you'd get to deduct any loss. But of course that's what happens when you try to apply logic to the tax code, eh?
[Just in case, here's the URL: http://www.irs.gov/individuals/article/0,,id=179414,00.html ]
Q: I lost money on the foreclosure of my home. Can I claim a loss on my tax return?
A: No. Losses from the sale...of personal property are not deductible.
Yet when you *sell* a home, you have to pay a tax on any gain.
Since you have to pay tax on any gain, seems only logical that you'd get to deduct any loss. But of course that's what happens when you try to apply logic to the tax code, eh?
[Just in case, here's the URL: http://www.irs.gov/individuals/article/0,,id=179414,00.html ]
posted by SF at
6:33 PM
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