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Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53989
Experience:  29 years of experience as a tax, real estate, and business attorney.
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Is a loss on a personal residence, which has never been used

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Is a loss on a personal residence, which has never been used for business, deductible on Schedule D of Form 1040?
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. Unfortunately, you cannot deduct the loss on the sale of your primary residence. This is specifically explained in the following IRS publication: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Sale-of-Residence---Real-Estate-Tax-Tips


This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you a loss was deductible in this situation, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!



Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!
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