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Deductions & credits
Unfortunately you have nothing to deduct. For the sale of a personal home (not an investment), any losses are not tax deductible. Assuming you bought the land and home for more than the $45,000 sales price, you have a capital loss. You don't owe tax on your proceeds, but you can't get any breaks for remediation or damage.
‎June 9, 2020
11:41 AM