I sold my house at a GREAT loss after divorce to settle my bills. What do i need to file on my taxes?

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I sold my house at a GREAT loss after divorce to settle my bills. What do i need to file on my taxes?

2007-04-01 13:10:21 · 3 answers · asked by mgrpupp 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

Nothing. The loss is not deductible.

2007-04-01 16:35:24 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋

Selling your house at less than its market value does not mean you have a loss. If you sold your house for more than what you paid for it, you have a gain. If not, then you have a loss.

If you have a gain, but lived in your house for at least 2 of the past 5 yrs, you can exclude up to $250,000 (if filing single) of gain from being taxed. Any loss on your home is not deductible.

2007-04-02 04:09:25 · answer #2 · answered by tma 6 · 0⤊ 1⤋

There is nothing to file on your taxes regarding the sale of your house. The loss is not deductible.

2007-04-01 20:34:32 · answer #3 · answered by ninasgramma 7 · 1⤊ 0⤋