That would be nice right? I mean you pay taxes if you make money, so it would seem logical to be able to deduct it when you lose right? Guess what life isn’t fair. The IRS does not currently allow for deductions when you lose money on the sale of a home. There are no ways to deduct losses on your principal residence.
Of course, we are not accountants or CPA’s, so I suggest you check with them if you have any detailed questions or want actual tax advice.
If you want to sell your house and explore your many options, call us.
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