Question

I have a question about paying taxes on selling a house. Can I claim a loss on the sale of m home?

Answer

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

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