2007-08-13 14:15:54 · 5 answers · asked by Princess Social 1 in Business & Finance ➔ Taxes ➔ United States
If you sell your residence for less than you paid for it you will have a capital loss however it is NOT deductible. Losses on the sale of a personal residence are never deductible.
2007-08-13 14:37:10 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You can't take a capital loss on your taxes for personal property, including your personal residence.
2007-08-13 14:24:24 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Losses on personal residence are not deductible in any way.
2007-08-13 14:31:26 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋
If you sell it at a loss then yes that's a tax write off I believe.. otherwise if you gain, you will have to pay taxes. Unless of course you roll that money over right away into another house.
2007-08-13 14:23:17 · answer #4 · answered by green sky means run 4 · 0⤊ 2⤋
Only if you sell it for less than you bought it for.
2007-08-13 14:20:24 · answer #5 · answered by Alletery 6 · 0⤊ 0⤋