Capital Gains and Losses - Sale of Home - Two Homes in Tax Year One with Loss on Sale
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To determine the gain or loss on the sale of your home there is a worksheet in TaxAct. However, TaxAct supports only one Sale of Home Worksheet.
If you have another home sale for the same tax year, you will need to go through the worksheet calculations manually to determine the amount of gain or loss. If a loss is calculated from this worksheet, please review the information below.
Line 7 c If the number is negative (adjusted basis is greater than amount realized), you sold your home at a loss. You can't deduct this loss, but you do not need to pay any tax on the money you received from selling your home.
For additional information please refer to IRS Tax Topic 701Sale of Your Home.
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