2006-10-30 02:26:52 · 5 answers · asked by Dr Van Nostran 1 in Business & Finance ➔ Taxes ➔ United States
No, it's considered a personal expense so not deductible. But you don't have to put any gain into another personal residence to avoid taxes - that rule changed several years ago. If you've owned the house at least 2 years out of the 5 prior to the sale, and lived in it as your primary residence for 2 years of the 5 prior to the sale, up to $250,000 of gain ($500,000 if married filing jointly) is not taxable.
2006-10-30 02:40:46 · answer #1 · answered by Judy 7 · 3⤊ 0⤋
If your question is, "If I sell my personal residence at a loss, can the loss offset any other income?", then the answer is "no". The loss on personal-use assets is disallowed by the IRS. If the home is an investment home, then "yes".
If your question is, "Can I lower the 'gain' from the sale of my home by deducting 'losses' like realtor's fees, etc.?", then the answer is "yes".
Please read the attached link from the IRS. It has EVERYTHING you would ever care to know about selling your home.
Hope this helps :)
2006-10-31 15:45:50 · answer #2 · answered by TaxMan 5 · 0⤊ 0⤋
Unfortunately you cannont deduct the loss on the sale of a personal residence. Only if it were used in a trade or business, such as a rental property. Good Luck!
2006-10-30 03:07:51 · answer #3 · answered by lade40free 2 · 2⤊ 0⤋
NO! It is a personal asset. The gain is taxable however.
2006-10-30 02:31:00 · answer #4 · answered by ? 6 · 0⤊ 0⤋
No - but they sure do tax you if you make money on it and don't put it into another primary residence.
2006-10-30 02:34:14 · answer #5 · answered by Caroline H 5 · 0⤊ 4⤋