Joined: 26 Jan 2012
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Posted: 02 Feb 2012 at 06:19 | IP Logged
Hey CPA#1
Got a question. When you sell a home at a gain, which is a capital gain and we have a max of 500000 for MFJ and 250000 for single, according to the becker book. What if we sell the house at a loss? Is that a Capital loss, and subject to the 3000 deduction limitation and carry over the remaining balance? OR should we just treat it as personal loss, which is not deductible?
Joined: 01 Dec 2009
Online Status: Offline Posts: 439
Posted: 02 Feb 2012 at 13:32 | IP Logged
Selling your personal home at a loss is a personal loss and is not deductible.
Also, about that $250,000 (or $500,000 MFJ) exclusion on the Capital Gain..... In order to qualify for the exclusion, the home must be your principal place of residence for 2 of the previous 5 years. If not, you must pro-rate the exclusion.
Joined: 07 Oct 2010 Location: United States
Online Status: Offline Posts: 93
Posted: 03 Feb 2012 at 10:56 | IP Logged
gjtseng wrote:
hey guys
I have a qeustion. I am preparing the regulation part now. As i study, i found out that in the personal and corp tax return are many numbers. such as max amount you can put in every year or the max you can deduct and phase out....it is hard to memorize them all. Are we suppose to remember them all? Can any one help me out here please?
James
There are very few phaseouts and max AGI limits that you need be concerned with. You will probably get one or two phaseout questions per exam. If you have time, you can try to memorize. Better to know something about everything than try to know everything...
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