I have a question about paying taxes on selling a house. Can I claim a loss on the sale of m home?
You do not pay taxes on selling a house if you lived in your home for two years before selling the home then up to $250,000 profit is tax-free; if you are married and file a joint return then $500,000 of the profit is tax-free.
You can’t claim a loss on the sale of your main home unless you used it for business. You should only report the sale if you:
- Rented the home at some time in the past
- Took a deduction for a business use of the home
- Received a Form 1099-S reporting the sale to you
The Saver’s Credit is a special tax break for some taxpayers saving for retirement. Learn more about the Retirement Savings Contribution Credit at H&R Block
Learn how to file your return if married and living separately from your spouse from the tax experts at H&R Block.
Are you eligible for tax credits when pursuing higher education? Learn more about these credits and get tax answers at H&R Block.
Learn whether a noncitizen can claim the standard deduction tax credit with advice from the tax experts at H&R Block.