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posted May 7, 2021 4:05:46 PM

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?

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2 Replies
Level 10
May 7, 2021 4:07:53 PM

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.

Expert Alumni
May 8, 2021 5:21:44 PM

As @M-MTax 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".