Sentences with phrase «sale of my personal residence»

Unfortunately, losses on sales of personal residences are not deductible.

While the gain on the sale of a house can be taxed, the loss on the sale of a personal residence is not deductible.

My interest in real estate was sparked by my motivation to become more knowledgeable in the purchase and sale of my personal residence.

For example, if you have a $ 1 million home that has been appraised at $ 1.8 million, you can sell it and take home $ 500,000 of the $ 800,000 gain tax free — due to an exemption on profits from the sale of personal residences.

Not exact matches

Recently, the longtime personal residence of NBA legend Michael Jordan in Highland Park, Illinois, was presented for sale by Katherine Chez Malkin and will be marketed globally by Luxury Portfolio International.

The legislation passed by the Senate included changes to the exemption for gains from the sale of a primary residence, elimination of the deduction for state and local income or sales taxes, a cap on the deduction for real property taxes, elimination of the deduction of interest on home equity loans (unless the proceeds of such loans were used to substantially improve the residence), restrictions on the deduction for moving expenses to only active duty military, and restrictions on the deduction for personal casualty losses to Presidentially declared disasters.