Posted on: 23rd Dec, 2008 08:26 am
How do I measure the loss for tax purposes on a property which my wife and I forclosed against?...We invested say $150000 in a construction loan but the builder went belly up; when we finally got the property back at the foreclosure sale, it was worth only $100,000; we have other gains from the sale of a second home; can we offset the losses on the foreclosure against the gains on the sale of the second home?
Hi iana,
I did not understand what you wanted to say by the phrase:
"when we finally got the property back at the foreclosure sale, it was worth only $100,000; "
Did you purchased the property at the auction sale or the sale of the property resulted in a income of $100,000?
Thanks,
Jerry
I did not understand what you wanted to say by the phrase:
"when we finally got the property back at the foreclosure sale, it was worth only $100,000; "
Did you purchased the property at the auction sale or the sale of the property resulted in a income of $100,000?
Thanks,
Jerry