Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-18-2009, 11:13 PM
Junior Member
 
Join Date: Jan 2009
Posts: 1
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.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-19-2009, 12:09 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
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??

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Why Taxpayers should review State Taxes paid in 2007 versus Sales Taxes Paid in 2007? TaxGuru Itemized Deductions 1 03-04-2008 08:18 PM
IRS Debuts New State Sales Tax Calculator Samatg Tax News 0 02-01-2007 04:22 PM
Sales Tax, Higher Education, Educator Expense Deductions Samatg General 0 01-23-2007 07:50 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.