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If I sold a home in Tn. and bought another one. I worked in…

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If I sold a home...
If I sold a home in Tn. and bought another one. I worked in Pa. for the full year can I claim Upgrades to the house I sold, paid for part of the closing cost and lost money on the home I sold?
Submitted: 2 years ago.Category: Tax
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2/2/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,026
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

Your cost is increased by the improvements you made to the house. If the home you sold was your main home for 2 out of the last 5 years before you sold it then you do not have to report the sale.

If your costs (plus improvements) were more than your sale price (less costs to sale) you would not be allowed to use the loss against other income if you did use the home a a personal use property.

You are allowed to use the improvements to increase your cost.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

I forgot to mention that if you had to move form your home in TN because of your job in PA then that is an exception under the exclusion of gain form the home selling.

But if you had a loss then that is really not going to change things for you.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

Did you need to add more information?

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