Loss from the sale of a personal residence is never recognized but gain from the sale of a personal residence may be recognized.

Name: Loss from the sale of a personal residence is never recognized but gain from the sale of a personal residence may be recognized.
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Question

Quizplus · Accepted Answer

This is correct according to the tax code. Losses from the sale of personal residences are not deductible, whereas gains may be taxable if they exceed certain exclusions and exemptions.

Loss from the Sale of a Personal Residence Is Never