Basis deduct - business exp. Any remaining amounts are deducted in full when the mortgage is fully paid. A loss on the sale of your personal residence is not deductible. This new exclusion is available regardless of age and may generally be claimed once every two years. The home must have been used as your principal residence for an aggregate of two years during the previous five year period.
Tax laws change.
Your individual circumstances may result in a tax treatment which differs from the above summary. Contact your tax advisor before entering into a property transaction to ensure that the structure of the transaction provides the expected tax benefits. These summaries do not consider any individual or special circumstances. While the information is believed to be accurate at the time of publication, Financial Tax Management Network, Inc., its officers or employees make no guarantee or warranty, express or implied as to the accuracy of the information presented and accept no responsibility for errors or omissions in the above nor for any damages, direct or consequential arising from reliance on the information contained herein.