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: Unlike other investments, you cannot deduct a loss from the sale of your personal residence on your taxes.

: You must have lived in the home as your main residence for at least 24 months . : Unlike other investments, you cannot deduct a

: You must have owned the home for at least 24 months (two years). : Unlike other investments

: If your profit exceeds the exclusion limits, you can often reduce your taxable gain by adding the cost of major home improvements (like a new roof or kitchen remodel) to your "cost basis". : Unlike other investments, you cannot deduct a