I sold my house and did not get what I paid for it. How does my loss affect my taxes? Thank you for your help David.

since you sold your primary (?) residence for a loss, the loss is not deductible. 

The loss on a home sale does not get used against other income and is not a taxable loss because it was a personal use item.  

 

The land, if not attached to or included in the sale of the home would be a capital loss and reported as a sale of investment property.

 

To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?

1. Open or continue your return.
2. Navigate to the investment sales section:
   • TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
   • TurboTax Desktop: Search for investment sales and then select the Jump to link. 
     • Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (key being other)
3. Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
   • If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.

@Dave813 

Land?  Or your home?

 

The loss on sale of land held for investment purposes is deductible.  Go to the section for Sales of Stocks, Bonds and other Property on the income page.  Look for the most likely option, it may be "something else".  Enter the requested information (purchase date, price, sell date, price, and anything else.)

 

If this was held for personal reasons (it was your private hunting land, you had a summer cabin there) then a loss is not deductible.  You only need to report it if you got a 1099-S form at the closing.  Report it in the same way, but don't expect a tax deduction from the loss.