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Additional Details
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a z | I sold my house for less that what I paid. I owned it less than 2 years. Can I claim a loss on my taxes? |
I know that if you sell your home within 2 years and make a profit, the government requires that you report it as income. But since I lost money, and sold it within 2 years, can I claim it as a loss? I bought the house as an investment to fix up and flip for more money, but the market screwed me over. |
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FlCpa
|
I think a couple of people may have missed the fact that you said this is an INVESTMENT property. If this is your personal residence the answer is, indeed, no. (and since you referred to the 2 out of 5 rule you may have just misspoken when you said investment because that rule ONLY refers to primary residences). However if this was an investment and you lived somewhere else than you can take a capital loss. (If there was personal use AT ALL of the property it is NOT an investment). All of your improvements will be added to basis to possibly increase your loss. Please keep in mind that your capital losses can offset your capital gains and then go to a maximum $3000 ($1500 if MFS). Any excess loss will be a carryover loss to be used in future years. |
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STEVEN F
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10.4 Capital Gains, Losses/Sale of Home: Losses (Homes, Stocks, Other Property)
Is the loss on the sale of your home deductible?
The loss on the sale of a personal residence is a nondeductible personal loss.
Why did Jack comment on Canadian tax law under Taxes->United States? |
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Judy1
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If it was your residence while you owned it, no. If you bought it strictly as an investment to fix up and flip, and DID NOT LIVE THERE, then maybe. Since you refer to it as "your home", I assume you lived there - if that's the case, even though your intent was to flip it, then the loss is NOT deductible. |
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RamsGod
 |
Steven and Wayne are correct. A loss on the sale of your main home cannot be deducted. |
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Wayne Z
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Sorry, not deductable. |
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jbird35645
 |
Yes you can, but hire a reputable accountant. |
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Jack
 |
American laws and Canadian laws regarding loss on the sale of homes are as different as night and day.
In Canada the gain on the sale of your primary residence is not taxable. (Even if you only owned it for a day).The los on the sale is not deductible either.
Unlike the USA, the only properties that are subject to capital gains are those purchased and owned with the expectation of profitability.
Sorry for your loss. |
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NC
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Yes, you can claim it as a loss, but only against capital gains (assuming you weren't living in the house while you owned it, so it is not your primary residence, but an investment property). Talk to an accountant about details. |
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Notorious
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What NC said. |
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smartblonde
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Yes you can. But hire a CPA to do your return. |
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chicnlips2012
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you need to check with a CPA.....unless you want to lose your shirt too |
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