Question

deductions

Forum|Forum|6 years ago
April 20, 2020
1 reply
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My wife and I both lost our jobs about 2-3 years ago in the oil and gas industry, after searching many months we were forced to put our house up for sale and move out after we spent about $10,000 getting it ready to sell. We still had to make our house payments even though we weren't living in it for a little over a year. Finally we sold it, but for less than we paid for it. What we would like to know is if any of that tax deductible?

Thank you

Jerry and Barbara Chin

[email address removed]

DavidS127

No, the loss on the sale of a personal residence in not deductible, and none of the associated costs of selling a personal residence are deductible. The mortgage interest and property taxes you paid on a personal residence while you owned it are deductible, if you itemize deductions.

See IRS Topic 409 at this link.

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