Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
eugene-dehart
New Member

We sold home in KY in 2014, bought home in 2014, sold home in 2016, bought home in KY. Including updates, took loss ? have to file on 2016 taxes.

 
1 Best answer

Accepted Solutions
DianeW
Expert Alumni

We sold home in KY in 2014, bought home in 2014, sold home in 2016, bought home in KY. Including updates, took loss ? have to file on 2016 taxes.

No, a personal loss is not allowed to offset or reduce other income on your tax return.  If the sales price is less than your adjusted cost basis (original purchase price, plus sales and purchase expenses, plus capital improvements) then this would be a personal loss because it was your main home.

You cannot use the balance due on any outstanding loan on the home or other debt for the home to determine your gain or loss.

View solution in original post

1 Reply
DianeW
Expert Alumni

We sold home in KY in 2014, bought home in 2014, sold home in 2016, bought home in KY. Including updates, took loss ? have to file on 2016 taxes.

No, a personal loss is not allowed to offset or reduce other income on your tax return.  If the sales price is less than your adjusted cost basis (original purchase price, plus sales and purchase expenses, plus capital improvements) then this would be a personal loss because it was your main home.

You cannot use the balance due on any outstanding loan on the home or other debt for the home to determine your gain or loss.

Dynamic AdsDynamic Ads
Privacy Settings
v