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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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‎April 27, 2021
9:42 AM