Yes, your personal residence is also a personal item.
Currently if you have owned the house for 5 years and lived in it at least 2 out the last 5 years, you can exclude up to $250,000, of the gain if you are Single, or $500,000, if you are Married Filing Joint.
If you have a loss on the sale, this is not a deductible loss for tax purposes.
Tax Aspects of Home Ownership: Selling a Home
@printseller
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
