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Loss on sale of property
Sent to Tax Experts February 04 04:53 PM

sold house in 2004, lived in house less than a year, made no profit off house and had to pay $1000.00 at closing just to get out of house due to having to move, will this hurt for taxes this year, in other words will I loose tax refund or have to pay when I didnt make anything off house and had to add money just to sell?? How will this affect my taxes??

Customer (name blocked for privacy)
Status:  Closed   Value: $5
Answer
February 4 5:03 PM (9 minutes and 43 seconds later)
         
ACCEPTEDCheck Mark

A loss on the sale of your residence will not affect your taxes in any way. It is not a deductible loss, but you are not taxed on the sales proceeds either.

jon@jonacpa.com



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