Home For Sale

Can you write off the loss of a personal home sale?

We have a house in NC that we have had on the market for 1.5 years, reducing the price as we go. We just received an offer that is $55k below our asking price. We are looking at taking a $25k loss on the house from the calculations of what we owe.

You are looking at writing a check for $25K to get out of the house. You are NOT looking at a $25K loss on the house. As you did not list what you PAID for the house, we can’t determine if you will have a gain or a loss on the home. The loan amount does not even enter into the calculation. Your gain (loss) is the sale price less you BASIS in the property, less costs of selling. Your basis is the price you paid for the house PLUS the cost of improvements. Note: Maintenance does not count as improvements.
Under US Federal tax law, you pay taxes on GAINS above $125,000 ($250,000 for married filing jointly), but you can’t deduct losses on a personal residence.

Real estate for sale in Summit City New York – 2868594

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