DISQUS

Ken Hudak · 12 months ago

Are there any tax breaks or benefits to selling a home at a loss? How about entering into a Lease-to-own agreement when the house is worth less then was paid for?

Thanks. And great articles!
BoulderLoanRanger · 12 months ago

Excellent advice and once more people understand this than Real Estate should explode and Mortgage activity can pick up again - especially here in Boulder CO!
Txs!
Can we reprint and send this article?
Steve Higgins
Boulder Loan Ranger
www.BoulderLoanRanger.com
Jay Hammond · 12 months ago

Ken,

The best advice for someone who has sold a home for a loss is to consult their accountant or tax planner (and I would definitely suggest hiring an enrolled agent in this situation). I believe this situation would qualify as a capital loss but I am NOT a CPA. You might also want to look at the "IRS speed Lien Relief" at http://blownmortgage.com/2008/12/17/irs-speeds-... and the IRS website at www.IRS.gov for more information.

Thanks for the kind words!

J
morganb · 12 months ago

Hey all thanks for your comments. As Jay says the best thing to do when it comes to taxes is to contact your tax attorney or accountant. We're just writers and former mortgage folks here - definitely not experts at the tax code. Seek professional advice!