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
If you need help handling an estate, we're here to help. Learn how to file taxes for a deceased loved one with H&R Block.
From retirement account contributions to self-employment expenses, learn more about the five most common tax deductions with the experts at H&R Block.
Getting married? Having a baby? Buying a house? Go through your life events checklist and see how each can affect your tax return with the experts at H&R Block.
Donating household goods to your favorite charity? Learn the ins and outs of deducting noncash charitable contributions on your taxes with the experts at H&R Block.