If I lose money selling my home, is that deductible?

Tips and Deals Forums Buying Your Home If I lose money selling my home, is that deductible?

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    • #208472
      Anonymous
      Inactive

      I need to sell my home so that I can take a job out-of-state. I have been in the home for 3 years, but it looks like I will take a $30,000 hit. Is this tax deductible as a business expense?
      My home value is the same as 3 years ago, but the real estate broker will charge me a 6% fee.

    • #273102

      No, you can’t deduct a loss on your home. If you need to ask, change you alias. You don’t qualify to call yourself “Mr Money”. On a slightly different note: Did you sell for $30,000 less then you paid for the home, or just $30,000 less than you OWE on the home? I wonder if you would have a ‘loss’ for taxes even if you could deduct such a loss.

    • #278904

      No, a loss on your personal residence isn’t deductible. Maybe you could negotiate with your new employer to pay for part of the loss.

    • #280200

      No. Losses on personal residences are not deductable.

      Sorry.

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