Q: I sold my home this past May as a short sale and even though it sold for the amount I purchased it for in 2003, I still came away with a $50,000 promissory note to the lender that I'm paying off (without interest) for the next 15 years.
Somebody said I would have needed to rent the house to get the loss; how would that make any difference? When I do my 2010 taxes, is there a way that I can show the loss?
Also, I'm turning 60 years old in April and wondered if it makes sense to use my Roth IRA ($30,000) as a down payment on another small home since I'm renting and have at least seven years before I'd retire from federal service. I'm concerned that I don't have a tax shelter anymore other than my pre-tax retirement contributions each pay period.
Read more: Buying A Home As A Tax Shelter Is Risky Now...
Somebody said I would have needed to rent the house to get the loss; how would that make any difference? When I do my 2010 taxes, is there a way that I can show the loss?
Also, I'm turning 60 years old in April and wondered if it makes sense to use my Roth IRA ($30,000) as a down payment on another small home since I'm renting and have at least seven years before I'd retire from federal service. I'm concerned that I don't have a tax shelter anymore other than my pre-tax retirement contributions each pay period.
Read more: Buying A Home As A Tax Shelter Is Risky Now...
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