Social Question
Do you get a tax write off if you lose money selling your primary household?
Asked by JLeslie (65777)
March 28th, 2010
This question is about selling in the United States.
I know if you profit up to $250K for a single person and $500K for married that you don’t pay taxes on the earning, so I was wondering if there is a tax break if you lose money?
How does the break work? Is there a limit to how much you can deduct each year, like other losses?
The house in question does not have a mortgage. I only mention it because I know there might be some new rules regarding mortgages and short sales, etc, and those would not apply here.
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