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If I sell my principal residence of the past two years at a loss, what are the tax implications? |
I've owned and occupied the property as my primary residence for the past two years. Let's say I purchased the home for $300,000 and sold it for $280,000. After realtor commissions, I net $256,000. Does this mean that I can write this as a $44,000 loss, similar to how I'd list a long-term investment? Or is it a $20,000 loss? Is it a dollar for dollar write off of the AGI? Any tax professionals out there want to chime in? I need help! Sorry but you cannot deduct the loss on the sale of a personal residence, regardless of the amount. Wish I had better news for you. TFTP. Report It You get no tax benefit from this sale of your residence. For the most part sales of your residence is not a taxable item unless you have excess profit in the sale, or sale the property prior to the holding period. No, sorry, you can't write off a loss on your personal home. |
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