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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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I had to transfer to Tennessee from Florida due to my job.

Customer Question

I had to transfer to Tennessee from Florida due to my job. I had just purchased my home 7 months prior and when we sold I lost another 15K on top of the 45K I lost selling my previous home in January of this year. With the moving expense and massive realeastate loss this year, can you give me any recommendation when filing my taxes this year? Thank you.

James
Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.

LEV :

Hi James... first of all - you are eligible tro claim moving expenses deduction - see the IRS publication for details - http://www.irs.gov/pub/irs-pdf/p521.pdf

JACUSTOMER-8idxbb2a- :

understood ... I have been reading up on that.

LEV :

if you sold the property for less than your basis in that property - there is no capital gain - and no tax liability. However - because that was your personal property - you may not deduct a loss.

LEV :

Let me know if you had any gain on the sale of your house.

JACUSTOMER-8idxbb2a- :

have lost 55K this year alone ... was hoping for some tax relief

JACUSTOMER-8idxbb2a- :

when I settle the HUD I still came to the table with 23K

LEV :

Do you have any debt forgiven?

JACUSTOMER-8idxbb2a- :

I don't understand the question

JACUSTOMER-8idxbb2a- :

debt forgiven?

LEV :

when you wrote "settle" - does that mean you paid less that your mortgage principal?

JACUSTOMER-8idxbb2a- :

Niether house was a short sale. The first house I had to go to the table with 45K and the second 23K

LEV :

As long a both were your personal properties - you may not claim a loss on your tax return... Sorry if you expected a different answer.

LEV :

You may only claim a loss resulted from the sale of investment or business property.

JACUSTOMER-8idxbb2a- :

No not really. I figured as much ... thank you for answering my questions

LEV :

I wish you the best on your new place. Let me know if you need any help or clarification.

JACUSTOMER-8idxbb2a- :

thank you ... good night