Can I offset the gain on sale of my primary residence (held for more than 2 years) with the loss on the sale of a previous primary residence?
No that isn't an option. But if you lived there and owned it at least 2 or the last 5 years you can exclude the first 250,000 (500,000 MFJ) from taxation and the rest is long term gains.
Can I offset the gain on sale of my primary residence (held for more than 2 years) with the loss on the sale of a previous primary residence?
No that isn't an option. But if you lived there and owned it at least 2 or the last 5 years you can exclude the first 250,000 (500,000 MFJ) from taxation and the rest is long term gains.
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