Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP
Path: utzoo!mnetor!seismo!lll-crg!lll-lcc!unisoft!dual!ptsfa!qantel!ihnp4!cbatt!cbuxc!cbuxb!cbrma!ask
From: ask@cbrma.UUCP (A.S.Kamlet)
Newsgroups: net.taxes
Subject: Re: Is a loss on home deductable?
Message-ID: <5175@cbrma.UUCP>
Date: Wed, 24-Sep-86 09:47:02 EDT
Article-I.D.: cbrma.5175
Posted: Wed Sep 24 09:47:02 1986
Date-Received: Thu, 25-Sep-86 07:59:16 EDT
References: <5468@decwrl.DEC.COM>
Reply-To: ask@cbrma.UUCP (A.S.Kamlet(Art))
Organization: AT&T Bell Laboratories
Lines: 16

In article <5468@decwrl.DEC.COM> merrill@regent.dec.com (Rick Merrill ...) writes:
>I have heard that you cannot deduct a loss on a home.  How can that be 
>and where does it show up on your income tax form?  If true, WHY on earth
>was it done?

You cannot deduct a loss on selling any personal property.
That includes your home, car, clothes, ...

Now, if you buy a house as business property, that's another story.

Perhaps you were referring to a casualty loss on your home.
Again, under the new bill, you can't deduct such losses on
personal property.  Why?  Good question.  (Maybe to help
the insurance companies :-)
-- 
Art Kamlet   AT&T Bell Laboratories  Columbus  {cbosgd | ihnp4}!cbrma!ask