For example, if the gain on your home is $100,000 and you have $120,000 loss carryover, then you can deduct $103,000 (if you’re married filing jointly) and carry over the remaining $17,000 to future years. The net loss would be $103,000.
For example, if the gain on your home is $100,000 and you have $120,000 loss carryover, then you can deduct $103,000 (if you’re married filing jointly) and carry over the remaining $17,000 to future years. The net loss would be $103,000.