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jen b
if you sell a house for what you owe on your mortgage, is it considered a “loss” on the property?
bought a house 2 yrs ago and sold house last month for what i owed on the mortgage. i made no money and paid taxes, commission, closing costs out of pocket as there were no proceeds… yep, in certain cities the housing market sucks.
...asked February 4th, 2012 @ 6:00 am
in Loan - Home
40935shiprepairwoman
0 
0Losses on homes aren’t deductible unless they were rental property.
...answered February 4, 2012 @ 6:34 am
40936wanda G
0 0i would say you lost …but then if you deducted the intrest..taxes..points..it probably helped you some on your income taxes..also if you moved..possible moving costs..depending on how far and if it was for another job…
...answered February 4, 2012 @ 6:57 am
40937prof610
0 0Yes, but you need to have some way to prove that actual value of the house so it can be compared to the price it sold for. For example, when you bought the house, was it appraised? If so, do you still have the appraisal? However, you need to have your taxes done by an accountant rather just someone at a tax center just to make sure.
...answered February 4, 2012 @ 7:39 am