Non-investing personal finance issues, including insurance, credit, real estate, employment and legal issues such as trusts and wills
Real Estate Tax Question [Sale of Property]
by BoulderTrojan ? Mon Jan 14, 2013 10:27 pm
I am currently doing my 2012 taxes. In 2012 I sold a rental property for a gain of $56K. In 2012 I also sold my primary residence for a loss of $40K. I was expecting to subtract the loss of $40K from the gain of $56K and pay taxes on the remainder of $16K. Then TurboTax informed me that one cannot deduct a loss from the sale of one's primary residence (personal losses are not deductible.) Oops! Any constructive ideas would be appreciated. Thank you.
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Re: Real Estate Tax Question [Sale of Property]
by Sulvar ? Tue Jan 15, 2013 10:48 am
Yep this is correct. If you have any carry over loss from the rental property from previous years, this is something that you can deduct from the gain on the sales price.
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