Is the money lost because of a foreclosure tax deductible?
Here is the answer as found on the IRS Website:
Question: I lost money on the foreclosure of my home. Can I
claim a loss on my tax return?
Answer: No. Losses from the sale or foreclosure of personal
property are not deductible.
This information is not to be used as professional tax or legal advice, please consult with a tax professional for answers to your specific situation.
Related Florida real estate views:
Government will buy foreclosures
Home inspectors recommend caution when buying foreclosed homes
There comes a point when you have to foreclose.
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