Legal Question in Real Estate Law in California

foreclosure

I would like to know if I do sell my house, will I be able to write any loss off on my taxes. If by some miracle I make a profit, will I pay capital gains, I am nearly 60 and this is the only property I own or have ever sold.


Asked on 3/23/09, 1:40 am

2 Answers from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

Re: foreclosure

You need to consult with a tax advisor on those issues.

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Answered on 3/23/09, 6:10 am
David Gibbs The Gibbs Law Firm, APC

Re: foreclosure

You need to consult with your tax advisers regarding this issue. While my practice focuses on real estate and other matters, I am not in a position to provide you with any direction on income tax matters. You may wish to post this on the tax forum.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.

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Answered on 3/23/09, 2:30 pm


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