Loss in value of a house

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Loss in value of a house

I purchased a house and now it is only worth half the value, may i claim it as a loss?

Asked on November 29, 2018 under Real Estate Law, Hawaii

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

1) Only losses on investment properties can be claimed as losses for tax purposes, not on someone's residence.
2) Even if this is an investment property, a loss is only recognized (can be claimed) when the property is sold not before.


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