@manygonz wrote:
Do I still need to report the sale of my home if my capital losses exceeded my capital gains?. In other words if after selling my house and deducting all the expenses, I ended up losing money, do I still need to report the sale or pay any taxes on remaining proceeds?
The loss on the sale of a personal residence is not reported on a tax return unless you received a Form 1099-S for the sale.
If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).
If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.
