Home Sale Tax Quirk

Taxes can often be an area of great complexity. In some case, they are simply strange. When you plan to sell a home, you must think about the tax consequences. If you make a gain on the home, you have to pay capital gains although there are some big exceptions. If you lose money on the sale, however, things get weird. If you sell an investment property at a loss, you can take a deduction for it. If the loss is on the sale of your primary residence, however, you cannot!