Home Depreciation Tax Credit???

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  • grlarson1955
    Junior Member
    • Apr 2009
    • 4

    #1

    Home Depreciation Tax Credit???

    As often happens, I get something like this... My friend got their taxes done at Jack in the Block and they say there is.. . they go on to talk about some odd tax credit that doesn't exist, but I still ahve ot research. This one I can't find anything on. Maybe someone here has heard about it (if it exists). Under the recent recovery tax adjustments, supposedly there is a new credit available to homeowners who sell a house at a loss?
  • ChEAr$
    Senior Member
    • Dec 2005
    • 3872

    #2
    There was

    Originally posted by grlarson1955
    As often happens, I get something like this... My friend got their taxes done at Jack in the Block and they say there is.. . they go on to talk about some odd tax credit that doesn't exist, but I still ahve ot research. This one I can't find anything on. Maybe someone here has heard about it (if it exists). Under the recent recovery tax adjustments, supposedly there is a new credit available to homeowners who sell a house at a loss?
    a move in congress some years ago to allow this, but it fizzled.

    and just as well in my opinion.
    ChEAr$,
    Harlan Lunsford, EA n LA

    Comment

    • David1980
      Senior Member
      • Feb 2008
      • 1703

      #3
      Originally posted by grlarson1955
      supposedly there is a new credit available to homeowners who sell a house at a loss?
      What they might be talking about here is the exclusion of cancellation of debt income on principal residence indebtedness. After all, many that sell a house at a loss end up getting the remainder of their mortgage cancelled. That is income that would have been includable and taxed if not for the exclusion.

      Comment

      • grlarson1955
        Junior Member
        • Apr 2009
        • 4

        #4
        Exclusion of Debt Cancellation Income

        As I understand it, this exclusion only applies to Midwest Disaster area. has this been expanded?

        Comment

        • Lion
          Senior Member
          • Jun 2005
          • 4699

          #5
          $2,000,000

          $2,000,000 is pretty expansive.

          Comment

          • oceanlovin'ea
            Senior Member
            • Jun 2005
            • 2682

            #6
            I had my first one of these cancellation of debt on a mortgage loan today. It was nice to be able to do something to help someone who has had a hard time lately.

            Worked like a charm

            Linda

            Comment

            • taxea
              Senior Member
              • Nov 2005
              • 4292

              #7
              Have them contact their preparer and ask for the cite so she can read it for herself. Are you going to send her a bill? taxea
              Believe nothing you have not personally researched and verified.

              Comment

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