Sold principal residence with tenants in common. There was a loss. I selected Part 1 quest two as a second home .The loss cannot be used to reduce taxable income?

[jerryseeley]

sold principal residence with tenants in common. I completed the cap gains work sheet. I selected second home as the type of investment.There was loss but it did not reduce the taxable income. Does this type of loss not reduce taxable income or should I have selected a different type of investment?  Thank you for your help.  [removed]

[JulieR]

If this is the sale of your principal residence, it would be reported under "Sale of Your Main Home", not the sale of a second home. On the sale of your main home, you can exclude up to $250,000 of the gain ($500,000 if married filing jointly) If this is the case, type "sale of home" into the search box and click on the "Jump to" link in the search results.  Follow the program prompts to complete this sale.

Please comment if you need additional assistance with this or have more related questions.

[jerryseeley]

Thank you Julie But this was not a principal residence.  Jerry

[TaxGuyBill]

Twice in your question you said it was your Principal Residence.

At any rate, a loss from ANY personal-use property is not deductible, and can not offset other income.

[jerryseeley]

Thank you TaxGuyBill  That is what I thought that it was not deductible.  You are right I said principal residence which was my mistake.  Thank you for your help.  Jerry