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Investors & landlords
You don't. Assuming your home was your personal residence and not a rental property/investment property, when you sell your home, or in your situation, part of it for a loss, such loss is considered a personal loss and is not deductible on your tax return. Thus, there is no need to report this loss on your federal return. The situation might be different had you sold your share of the home at a profit, in which case you may have to report any gain on the sale; however, part or all of the gain might be exempt if you had met the requirements for excluding the capital gain. However, based on your situation, and given what appears to be a personal loss, there is nothing to report.
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‎January 23, 2022
12:11 PM