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
Make it your New Year's resolution to file a quick tax return online. Learn how to be the most prepared once e-file opens with H&R Block.
Get your Tennessee property tax questions answered from the experts at H&R Block.
Do you own real property in Ohio? Learn more about Ohio property tax as well as the state’s income tax rates, with help from H&R Block.
Due to tax law changes, we know it can be difficult to estimate your refund or balance due. H&R Block experts outline how the changes are reflected in our tax reform calculator.