Send to a Friend

JLeslie's avatar

Do you get a tax write off if you lose money selling your primary household?

Asked by JLeslie (65452points) 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.

Using Fluther

or

Using Email

Separate multiple emails with commas.
We’ll only use these emails for this message.