 No tax breaks for home sale loss
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 Dear
Tax Talk,
We are selling our home that we have owned for 15 years for $5,500 more than we paid for it. We have put at least $15,000 into it (new kitchen, wiring, heating and much more). Can we get any kind of tax break on our loss?
-- Ronald
 Dear
Ronald,
Unfortunately, when you sell a personal-use asset such as your home, car or boat at a loss, you get no tax deduction.
Personal expenditures are not deductible for tax purposes
unless expressly authorized, such as medical
expenses or educational expenses.
But look on the bright side. If you had earned
a gain on your primary residence, you wouldn't have had to pay tax.
Try to make a better investment, next time. Fifteen years is a long
time for so little return.
To ask a question on Tax Talk, go to the "Ask
the Experts" page, and select "taxes" as the topic.
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