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prballin
New Member

What are advantage and disadvantage of including main home sale loss in 2020 return? I have 2021 gain in second home sale and can I use the 2020 loss in some way?

I entered the data and got the info personal loss does not affect my return, but has a box if I want to include the sale in my return or not. Why should I check this box? If do, can I use this loss towards my second home sale gain in 2021?
2 Replies
martinmarks
Level 9

What are advantage and disadvantage of including main home sale loss in 2020 return? I have 2021 gain in second home sale and can I use the 2020 loss in some way?

If you want to report it that's fine but you can't deduct a loss on personal use property even if you have gain on other personal use property.

ToddL99
Expert Alumni

What are advantage and disadvantage of including main home sale loss in 2020 return? I have 2021 gain in second home sale and can I use the 2020 loss in some way?

As @martinmarks stated, "if you want to report it that's fine but you can't deduct a loss on personal use property even if you have gain on other personal use property".

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