Can I deduct the loss I suffered when I sold my home? The Internal Revenue Service currently does not allow deductions for losses on the sale of your own home. In fact there's no way to use a loss on the sale of your principal residence to your advantage on your income tax return. Copyright 2007 Inman News. All Rights Reserved. Related Answers  Can you deduct the cost of home improvements?  Will a neighbor problem reduce the value of my property?  What is a reverse mortgage loan?  What are the rules on capital gains when inheriting a house?  Are the costs of a natural disaster deductible? All Answers More Resources Personal Finance Advice Directory Glossary Investing Advice Quizzes Tip of the Day

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