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.
Per IRS Publication 523 Selling Your Home, within the worksheet on page 13:
7. Figure your gain or loss (amount realized minus adjusted basis).
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 don’t need to pay any tax on the money you received from selling your home.
For additional information, please refer to the IRS Topic No. 701 Sale of Your Home.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.