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What type of taxes should I expect to file with selling bitcoin and a house at a loss?

Would I use a private CPA or Intuit to complete my taxes this coming year for selling my bitcoin and selling a house at a loss. Can I write off the loss of the repairs I did to my house within 3 years of owning it?

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TeriH
Employee Tax Expert

What type of taxes should I expect to file with selling bitcoin and a house at a loss?

Great question and thanks for reaching out,

 

TurboTax can definitely help you with filing your taxes. There are several options from doing it yourself, with our software, with live help and or ultimately in full service where we prepare your taxes for you.  Here's a link to our Turbotax products  which details the various offerings we have.

 

A loss on the sale of a personal residence is considered a nondeductible personal expense. You can only deduct losses on the sale of property used for business or investment purposes. The only way you can obtain a deduction if you sell your home at a loss is to convert it to a rental property before you sell it.  One item to note is repairs may be added to the basis of the house depending on the the nature of the repairs: new roof, wiring improvements, or updated plumbing come to mind.  But increasing the basis would only add to the loss on the house.

 

If you do decide to prepare your own taxes, here's a link on how to enter your crypto in TurboTax.

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