What are the tax implications of selling my house?
An example of an AI chatbot conversation about tax implications when selling property.
What are the tax implications of selling my house?
When you sell your house, you may be subject to capital gains tax on the profit. However, if it's your primary residence, you might qualify for an exclusion.
What qualifies as a primary residence?
A primary residence is where you live most of the time. Generally, you must have owned and lived in the home for at least two of the last five years.
Are there any deductions I can claim?
Yes, you can deduct certain expenses like real estate commissions, repairs, and improvements made to the home before selling.
What if I sell at a loss?
If you sell your home at a loss, you generally cannot deduct that loss on your taxes, but there are exceptions for investment properties.
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