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?
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
Sun Sep 23, 2012 1:01 am
coaster Senior Advisor
Cash: $ 1626.30
Joined: 11 Oct 2005
Not on your primary residence.
On the flipside, a gain isn't taxed as income, either (subject to certain qualifiers).
And in general, any kind of deductible loss can't be deducted until it's realized anyway (ie the asset is sold, money is collected, ownership changes hands).
It's good to know you've got your thinking cap on though...don't cast it aside because you were wrong once; every dollar counts these days when you don't want to pay any more tax than you're legally obligated to.
Sun Sep 23, 2012 6:45 am
ukrkoz Contributing Member
Cash: $ 9.05
Joined: 04 Nov 2010
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.