property value keeps dropping, tax deductible? |
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ukrkoz
Contributing Member
Cash: $ 10.65
Posts: 49
Joined: 04 Nov 2010
Location: seattle |
property value keeps dropping, tax deductible? |
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OK, here's the skinny:
we bought property in 2005 for $440K
property value happily went up to $569K, prolly mostly to upgrades we did, then it started dropping down.
per last county eval, we are $90K loss on property value, than what we bought it for. property was eval-d at $$354K a month ago.
is such loss tax deductible?
TH-U
PS. we, also, had $396K mortgage back in 2005, at purchase. we have only $45K left as of this month. basically, we paid $340K in 7 yrs
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Sun Sep 23, 2012 1:01 am |
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ukrkoz
Contributing Member
Cash: $ 10.65
Posts: 49
Joined: 04 Nov 2010
Location: seattle |
Thank you.
Actually, was my wife that got her thinking ticking on this. My mind is set on - it'll go back up anyway, give it few years. We'll kill that mortgage in a few, that will make life better.
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Sun Sep 23, 2012 2:27 pm |
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