The selling price is the total amount the taxpayer (seller) received for his or her main home. It includes money, all notes, mortgages, or other debts taken over by the buyer as part of the sale, and the fair market value of any other property or services that the seller received.
Refer a taxpayer who used his or her main home for business to a paid professional tax preparer. Rental property is considered business use of a home and the taxpayer should be referred to a professional tax preparer.
A loss on the sale of a taxpayer’s main home is not deductible.