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
Planning a working vacation? Your travel expenses may be tax deductible if your trip is mainly business-focused. Learn more with the experts at H&R Block.
Can you claim your parents as dependents? What about claiming an adult child? If your whole family lives together, learn more with the experts at H&R Block.
Not sure if your dependent children are required to file taxes? Learn more about tax rules for children with the experts at H&R Block.
Are you wondering how to find out the status of your state refund(s). Review our list to find the information for the states where you live and work.