Selling your home at a loss can mean higher taxes
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Description
Abstract: When you sell your home at a profit, the tax code is quite generous. You can exclude up to $250,000 ($500,000 for married couples) in capital gain on the sale of a principal residence. If you sell your home at a loss, however, the code is downright stingy: The loss isn’t deductible and, in a harsh twist of irony, you may end up owing taxes. This article looks at the tax rules in this area and the circumstances when homeowners may receive debt relief.
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