HelenC12
Expert Alumni

Deductions & credits

No, not all losses are created equal. Your home was your personal asset. Personal losses are not deductible. 

 

Here's the IRS rule: Personal-use property:  Generally, property held for personal use is a capital asset. Gain from a sale or exchange of that property is a capital gain. Loss from the sale or exchange of that property is not deductible. You can deduct a loss relating to personal-use property only if it results from a casualty or theft.

 

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