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against ordinary income, up to $ 3,000 per year ($ 1,500 in the case of a married individual filing separately). Any remaining net loss can be carried over and applied against gains in future years. However, losses from the sale of personal property, including a residence, do not qualify for this
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According to 26 U.S.C. §121, a capital loss on the sale of a primary residence is generally tax-exempt.. IRC 165(c) is a stronger source that limits the loss on the sale of a personal residence. IRC 121 is for exclusion of gain of primary residence and does not talk about loss.
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deal primarily with the United States and do not represent a
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