skyworks
Level 5
12-24-2020
08:32 AM
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anyone knows if there is exception to deduct loss on sale of home doe to job move?
I know there is two year exception rule for capital gain on sale of home due to job related move
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Terry53029
Level 14
12-24-2020
09:09 AM
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No loss allowed on sale of main home. See this link:
https://www.irs.gov/businesses/small-businesses-self-employed/sale-of-residence-real-estate-tax-tips
itonewbie
Level 15
12-24-2020
10:48 AM
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Primary residence is a personal property, so losses are never allowed.
Such kind of losses are usually addressed through the employer's relocation policy or negotiated as a taxable reimbursement or lump sum instead, often with gross-up, although these are mostly subject to a retention clause.
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