Is this second home that you purchased going to be used as your primary home or is this a vacation type property or a rental property?
Have you owned another main home in the past? If so, what were the dates of ownership and the dates you lived in that primary home?
The second home is a summer home in Arizona. The only home I have owned until this second purchase is the one here in Oregon. My husband and I built/bought it in 1977. We have lived in it always.
Hello again nancy,
Thank you for the additional information.
The IRS is currently offering two separate credits for people who purchase a new home. One is the first time homebuyers credit, and the other is a credit for repeat home buyers who have owned and lived in another primary residence for 5 of the last 8 years.
However, with both credits, the home which you are purchasing must be a home that you plan to use as your primary residence. The purchase of a summer home or rental property or any other type of property which you do not plan to actually use as your primary residence does not qualify for either of the credits being offered.
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Thank you nancy
Was this time share a property that you used personally or did you rent it out to other parties?
we used the time share personally
Losses on the sale of personal property are never deductible. Losses can only be deducted if you sell an income producing property (such as a rental unit) at a loss.
Sorry I haven't been able to give you much good news yet today.
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