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February 26, 2011


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Andy - Having prepared many a tax return in my past for clients, I am curious about one line in your summary: "For example, CompleteTax did not give abundant guidance on working with capital loss carryovers, which we had due to the sale of our previous residence two years ago."

I spent the last two years out of the country so this question may be a product of my own ignorance, but is a loss on your home really deductible? It is my understanding that a loss on a capital asset held for personal use (i.e. your home) is not deductible. Was there a special exemption passed as part of the stimulus that allowed for losses from the sale of your primary residence to be deductible? Or maybe you were using it as a rental?

Again, I am not saying you have done something wrong, I am just curious.

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