Posted on: 02nd Feb, 2010 03:01 pm
I purchased a rental condo for $ 445,000.00 and was foreclosed. The reported debt is $ 381,000.00 and FMV is $ 280,000.00. Can I deduct my losses from my regular income?
Welcome joede,
As far as I know, you would be able to deduct capital losses only to the extent of $3,000 per year. You will have to carry forward the rest of the amount for deductions in the next year. Your best option would be to consult a tax expert in this regard.
As far as I know, you would be able to deduct capital losses only to the extent of $3,000 per year. You will have to carry forward the rest of the amount for deductions in the next year. Your best option would be to consult a tax expert in this regard.