If I take a loss when I sell my house can I write it off on my taxes?
Answer:
No, the IRS is strict on this. Gains on personal residences can be taxable(if you have owned or lived in the house less than 2 years), but losses on homes are absolutly non-deductible.
No.
A loss on a residence is considered a personal loss and, as such, non-deductable.
Sorry, I am correct.
I would check with a tax service. I'm not entirely certain that Wayne is correct. Heck, if you can deduct gambling losses, I would think you could deduct a loss from selling a home.
CarlaCCC talks about gambling losses, which have nothing to do with house sales.. but you can only deduct gambling losses up to the amount of gambling winning for the same year.
No, you can't deduct a loss on a home sale.
A loss on your personal residence is not deductible. However if you do have a gain you still may be able to exclude a portion of that even though you failed to meet the required use and ownership test of two of the last five years because you appear to have one of the exceptions, moving because of a new job.
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