HOUSE OF THE DAY: Hank Paulson Loses $1 Million On His D.C. Home

[Po_d Mainiac]

Former Treasury Secretary Hank Paulson put his Washington, D.C. home on the market in April for $4.6 million, lowered it to $4.15, and finally sold it for $3.25 million (via @alea_).
Paulson certainly played a role in the U.S. housing downfall as George W. Bush's top economic advisor and now, it's even affecting him.
Paulson bought the house for $4.3 million back in August of 2006 making that over a $1 million loss.

Read more: http://www.businessinsider.com/pictures-of-hank-paulson-dc-home-2010-12##ixzz19ecto0eM

[handmade34]

1. don't care for the

furnishings, but the house is rather nice... not to worry about Mr. Paulson; I am sure the tax write off will suffice

[elias7]

5. What tax write off?

You don't get to write off a loss on your home, just as you don't get taxed on what you have gained if you sell it for more than you bought it for. No need for unnecessary sniping.

[loudsue]

7. You most certainly DO pay taxes on the sale of your home, if you own more than one.

And I promise you this: Paulson owns more than one home. Only your primary residence is not taxed, but then there are also conditions.

[elias7]

10. Unaware of that, never owned a secondary residence (tents don't count, do they?)

So how is a secondary residence loss treated by the IRS? I know that they only allow capital loss declaration up to $3000 (though capital gains are taxed unlimitedly). Rental property loss can be recapitulated due to it being a business loss. That's the extent of my knowledge of losses.

[safeinOhio]

2. He had pet raccoons,

that's a smell that won't go away.

[Po_d Mainiac]

9. I've had racoons...they clean up after themselves quit well.

Paulson and his Vampire Squid buddies? Now that would leave a stench.

[enough]

3. Which will hardly show up in his net worth. (nt)

[northernlights]

4. aw...another short sale

:cry: maybe he should have tried HAMP. Then he could have lost his home. :cry: :cry: :cry:

[Demeter]

6. The Wheels of Justice Grind Slowly, But Damn!

They actually got one...any idea what he paid for it originally?


How delicious! Over $1M net loss!

[Po_d Mainiac]

11. Hmmm

where's that damn pencil...got it. And this napkin will do.....Let's see

The article said he paid $4.3mil so...hey was this a trick question?

:hide:

[Demeter]

12. I'm going out to buy a lobster on sale, Po

Close your eyes now---only $9.99/lb. And they don't ship steamers to Michigan, either. Only thing I miss--that can't be found on DU!

[denverbill]

8. MY GOD! We need to get him a bailout ASAP! A wealthy person lost money!

Think of all the jobs he won't be creating!

[Odin2005]

13. I like the kitchen.

The bathroom is butt-ugly.