Is there a tax break of deduction I can take on my 2008 taxes if my home's value depreciated in the last year?

Question

I bought I home late in 2007 for $183K but today my home's value is $160K, is there a deduction or tax break I am eligible for? Just curious.

Answer 1

No...home value is considered a capital gain(loss) on an investment.  You don't get to take the loss until you sell the house and if the house was your personal residence, not even then.  You would only be able to take the loss to offset any rental income if the house was considered rental property.

Answer 2

No.  Even if you sold it, you can't claim a tax loss on a personal residence.

Answer 3

You may be able to have your house assessed to lower your taxes but I dont think there are any tax breaks.

Answer 4

not if it is your primary residence- and it wouldn;t become a tax event (or not) until you actually sold it anyway - same with stocks - just because the price changes doesn't affect your taxes or income