I have never sold a house at a lose before. But this year my son has to move to another city for a job and sold his house at a lose. Q: Can he use the lose as a capital lose against his tax next year?
If by house, you mean he sold his main home (principal residence) then there is no tax deduction for a loss.
-- Alan
Sorry but losses on the sale of personal use assets, including homes, are not deductible.
From Pub 544: "Loss from the sale or exchange of property held for personal use is not deductible.". Don't forget to consider the deduction for job-related moving expenses...
-Mark Bole
Sorry, no. See IRS Publication 523.
-- Phil Marti Clarksburg, MD
sale of a personal residence at a loss is not a deductible loss
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