If I sell my primary residence at a loss, can I deduct that amount from my income?

No, you cannot deduct it as there are no losses allowed on personal property like a car, personal residential property.

However, there are special rules that may apply if it was partially used as a rental property. There are also several other rules that apply to a rental real

estate.

 

** Based on our response posted on quora


Posted In: Tax

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