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Old 01-18-2009, 11:13 PM
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Taxes and short sales

I recently short-sold a house that was a second home. I originally bought the home for 430,000 and sold it at a mere 250,000. Am I going to be liable to pay the government on this supposid gain? I am scared to death of the rest of my life owing the government. Please help.



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Old 01-19-2009, 12:09 AM
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I am not sure how you are arriving at a gain! If your basis or cost is $430,000 and you sold it for a mere $250,000, that is a loss of $180,000!!! You cannot as a matter of fact deduct a capital loss on a sale of a personal home.

Hence, it would seem there could not possibly be a gain involved in this transaction from my perspective, unless of course I am missing something! Am I??

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