In Wisconsin, if you sold a home that you owned and lived in for at least 2 years during the 5-year period prior to the date of the sale, you may be eligible to exclude your capital gain on the sale if it does not exceed $250,000 (or $500,000 for a jointly owned home, if you're filing a joint tax return). If you lost money on the sale of your personal residence, that is a nondeductible personal loss.