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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53715
Experience:  29 years of experience as a tax, real estate, and business attorney.
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I bought my home in 2007 for 417,000. Before I had lived in

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I bought my home in 2007 for 417,000. Before I had lived in it for the required 2 years, my mom came down with dementia and I had to sell it at a loss. I sold it for 340,000. There were no capitol gains. My I have to pay taxes on the $340,000 even though it was a loss? Thanks

Good afternoon. No....since the proceeds from sale were less than your basis, there is no gain and thus no taxes are owed. Unfortunately, the IRS does not allow you take a loss on the sale of your home.



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