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A reader named Sally bought property that has since fallen in value. If she sells it for less than she paid, what effect will it have on her taxes? DailyFinance's Laura Rowley has the answer.



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TurboTax Articles

Ways To Increase Your Tax Refund You Never Thought About

Laying the groundwork for a tax refund requires some simple tax planning, a little research and some forethought. Reviewing your tax status, consulting your spouse when filling out your W-4s and taking advantage of several tax credits can help you increase your tax refund. TurboTax also can help decide which credits can get you the biggest refund.

What Extra Tax Deductions Should I Make Sure To Take?

The federal government offers tax deductions and credits to reduce taxable income under certain circumstances. There are several that are often overlooked, including deductions for job hunting, caregiver expenses for dependents and children while you work, a credit to reduce taxes for moderate- to low-income earners and the premium tax credit associated with the Affordable Care Act. TurboTax can help determine if you qualify for these credits and deductions.

8 Things You Think Are Tax Deductible That Aren't

There?s a fine line between looking to save money on your taxes and taking deductions that will raise eyebrows at the Internal Revenue Service. Some taxpayers are tripped up by expenses that they assume are tax deductions, but don?t qualify under IRS guidelines. Here are a dozen items that can lead to unpleasant surprises in case of an audit.

9 Things You Didn't Know Were Tax Deductions

Few realizations are more painful than realizing that you forgot to include a tax deduction that would have lowered your tax bill or increased your tax refund on your tax return. Here are some tax deductions that you shouldn't overlook.

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November 23 2011 at 9:49 AM Report abuse rate up rate down Reply
ROBERT OLSON

When I am interested in an article on your home page and want to read it, I have to wade through numerous other items and pop-ups and often can still not find the article I want to read, like today, the article by Laura Rowley on taking a tax benefit when one sells a house at a loss.

Judy Olson

November 21 2011 at 11:38 AM Report abuse rate up rate down Reply
Juyhkuyhj

OMG,I want to share a mews to you. My best fríènd ,she just has annóuncéd hér wēddīng wīth a rich mān who is a cèlèbrìty !They mèt via~~~~SéêkSúɡárDαd.Сσм ~~~~ ..it is the lārgēst and bēst clúb for rich man with yung and beautiful woman and theìr àdmirèrs to chát ōnlìnè. …You do nǒt hávè to bê rīch ór fāmóùs. ,bùt yōu cān meēt yóùr trùē lòvê , It’s wòrthy ǎ try!Are they talking about capital gains? If so, of course no one will have to pay if the property has dropped in value below what they paid.... when you sell, your gains are on the profits, if there's no profit, there's no gain, and no tax.

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--------People who have a reverse mortgage (over 65 crowd) how will this affect their families upon their demise? Mortgage
was more but with property decline, will the bank have to eat the loss? Just curious.

November 18 2011 at 4:34 AM Report abuse rate up rate down Reply
ilm9p

This by far her most lame attempt yet. I gather she refering to property, as in land, as in a parcel of dirt? In other words, there's no house on it. No kidding talk to an a tax professional - anybody that listens to this babble as gospel gets what they had coming in the form of an audit. Laura, if you're going to spout nonsense like this at least have the courtesy to pull the camera back and flash a little thigh in the process - that's what "Fox News" style sound bites are all about. Get with the program, woman!

November 17 2011 at 7:44 AM Report abuse +1 rate up rate down Reply
marge

People who have a reverse mortgage (over 65 crowd) how will this affect their families upon their demise? Mortgage
was more but with property decline, will the bank have to eat the loss? Just curious.

November 16 2011 at 11:18 PM Report abuse rate up rate down Reply