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D
d-reese
April 7, 2025
Question

I bought a fixer upper to live in with cash. I sold at a substantial loss after realizing excessive repair cost. Do I need to report purchase to IRS?

  • April 7, 2025
  • 1 reply
  • 0 views
Must I declare home purchase to IRS if I resold at a loss? House was to be primary residence.

1 reply

V
Vanessa A
April 7, 2025

Yes.  If you sold a house, even if you sold it at a loss, it is best to report it on your return.  You need the "paper trail" and to tell them that it was at a loss.

 

To enter the Sale of a Home select the following:

  1. Federal
  2. Income
  3. Sale of Home under Less Common Income

 

 

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