Taxes and loss on home sale

[nd_fan77]

I was wondering if some people on here knew anything about this. NJ and federal don't allow you to claim a home loss on your primary residence. Now through another person, I was told that I might be able to claim the loss because I am being forced to move cause of BRAC. I can't seem to find information anywhere and thought maybe someone on here might know if it's true or not....Thanks Tim

 

[Frixxxx]

http://hap.usace.army.mil/homepage.asp

This site is the best place to go.....

From what I understnad, tax wise, you can't claim the loss because it is personal property.

 

[Chuckie]

The HAP is available if in fact you are being relocated because of BRAC. However, if your unit is being closed down and it's not an actual BRAC decision, you're probably going to be left out in the cold. I had this happen to me when my old Squadron was being "realigned" and my job went away. I had to move to another state to keep the same job, and lost a lot of money on my house (never mind there was no money to relocate me, either.)

 

[AnthonyYoko]

All these things are quiet confusing for me.But my friend was not allowed to claim the loss for his personal property saying he is not allowed to do so. I feel you can't do it.

 

[jkenjohnson]

All these things are quiet confusing for me.But my friend was not allowed to claim the loss for his personal property saying he is not allowed to do so. I feel you can't do it.

This is true. I had the same situation come up. You also cannot deduct the selling costs (realtors fees, etc.) which also sucks.

 

[jpcavin]

This is true. I had the same situation come up. You also cannot deduct the selling costs (realtors fees, etc.) which also sucks.

Sorry, but that's just not true. You can offset that capitals gains by deducting all selling costs. Real estate broker's commissions, title insurance, legal fees, advertising costs, administrative costs, escrow fees, and inspection fees are all considered selling costs.
.

 

[jpcavin]

You can't claim capital loss on personal property, only investment property.
9 Tax-Related Myths About Selling Your Home - Forbes