Safe you Finance

We bought a house in Webster and moved in during March 2006 after moving from Houston. We were unable to sell the Houston house until April 2007. We had double house payments and expenses for more than a year, and we sold the house at a loss of more than $16,000 from the original price. What can I deduct on my 2007 taxes? Can I deduct the expenses required to maintain the Houston house? Is there still "income averaging"?

Unfortunately, any loss on a personal residence is nondeductible 24 hour payday advances. The only instance in which it might be considered deductible is if you had attempted to rent it out as a rental property.

As a second residence, the only items considered deductible are the real estate taxes and mortgage interest paid on the property.

There is no longer income averaging. It was repealed approximately 15 years ago.

Source