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property value keeps dropping, tax deductible?

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Money Talk > Taxes

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ukrkoz
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Joined: 04 Nov 2010
Location: seattle
property value keeps dropping, tax deductible?  Reply with quote  

OK, here's the skinny:

we bought property in 2005 for $440K

property value happily went up to $569K, prolly mostly to upgrades we did, then it started dropping down.

per last county eval, we are $90K loss on property value, than what we bought it for. property was eval-d at $$354K a month ago.

is such loss tax deductible?

TH-U

PS. we, also, had $396K mortgage back in 2005, at purchase. we have only $45K left as of this month. basically, we paid $340K in 7 yrs
Post Sun Sep 23, 2012 1:01 am
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ukrkoz
Contributing Member


Cash: $ 10.65

Posts: 49
Joined: 04 Nov 2010
Location: seattle
 Reply with quote  

Thank you.

Actually, was my wife that got her thinking ticking on this. My mind is set on - it'll go back up anyway, give it few years. We'll kill that mortgage in a few, that will make life better.
Post Sun Sep 23, 2012 2:27 pm
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