Do you need to pay tax on Sale of Principal Residence?
1/ No need to pay tax on any gain.
2/ No need to report on your income tax return.
3/ You cannot claim any loss if you lose on selling principal home because your home is considered personal-use property.
1/ No need to pay tax on any gain.
2/ No need to report on your income tax return.
3/ You cannot claim any loss if you lose on selling principal home because your home is considered personal-use property.
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