Do you want to stay logged in?

Message Board

COD Conformity

October 11, 2016 • Barbara Hanson • Log In to Post Comments

What I don't understand is the following:

If a taxpyer cannot exclude their COD income from a sale of their personal residence, AND they can't take the loss on the sale of the same personal residence.....isn't this DOUBLE TAXATION?

 


Comments

No, personal losses are not deductible in any situation. The COD is income because it is money borrowed from the bank that was not repaid. Doesn't seem fair but taxes aren't always fair - or simple!

×

Send To A Friend