Short Sale Tax Questiion On Rental Propertty
If I am renting my home (.. which in 2004 I used Sch E to claim income from the rental property -- and this home is also my homestead) and I am now considering a SS which would result in a $40K loss (SS price less origional purchase price) can I claim this loss on my 2005 taxes? ...And if so can I put it on Sch E to offset ordinary income or does it go on Sch A?
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