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Solved

I'm selling my house quickly using a quit claim deed. How do I figure out how much I will pay in tax? I'm selling the home at a loss. I bought for 28k, selling for 26k.

Forum|Forum|2 years ago
January 3, 2024
2 replies
0 views

Extra details - It has not been my primary residence. When I purchased the home, the original seller also sold it to me using a quit claim deed, since it was a quick transfer.

TurboTax Online

Best answer by rjs

If you sell at a loss you will not pay any tax. But if the house was only for personal use, even though it was not your primary residence, you cannot claim the loss on your tax return. If it was for personal use, and you do not get a Form 1099-S for the sale, and you have a loss, you don't even have to report the sale on your tax return.

rjsAnswer

Employee

If you sell at a loss you will not pay any tax. But if the house was only for personal use, even though it was not your primary residence, you cannot claim the loss on your tax return. If it was for personal use, and you do not get a Form 1099-S for the sale, and you have a loss, you don't even have to report the sale on your tax return.

Employee

Since the home was sold at a loss and was always personal use during the time you owned it, there's nothing to report on your tax return. Losses on the sale of personal property are not deductible anyway.