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barryln
New Member

We sold a house. Lost money did not gain. How do I report this

 
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We sold a house. Lost money did not gain. How do I report this

You report as a capital gains loss which can be applied against other gains this year and in the years ahead. 

Here is how to do it in TurboTax:

In Income & Expenses

Scroll to Less Common Income, click show more

Click Sale of Home (gain or loss) and start

Check "yes" you sold your home

TurboTax will then ask you a series of questions to enter the sale

We sold a house. Lost money did not gain. How do I report this

A loss on the sale of your personal residence is not deductible.

You can only deduct losses on the sale of property used for business or investment purposes.

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