If I take a loss when I sell my house can I write it off on my taxes?

Question

I am moving for a new job, but only owned the house for a year, so I am likely to lose 10-20k selling. I don't want to rent the house out...

Answer 1

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.

Answer 2

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.

Answer 3

a private asset 2d abode or abode bought at loss would possibly on no account be deductible on your 1040 earnings tax return for this purpose and time on your existence. Ans bought to a appropriate taxpayer at decrease than FMV you are able to be required to fill out and report a 709 present tax return for this purpose and time on your existence. You and your brother could or could seek for some sturdy head to head professional counsel with this remember to easily remember to and he does have this all achieved wisely immediately in you existence to sidestep some greater desirable issues at a while sooner or later. desire which you hit upon the above enclosed information clever. 10/14/2012

Answer 4

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.

Answer 5

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.

Answer 6

No.

A loss on a residence is considered a personal loss and, as such, non-deductable.

Sorry, I am correct.