1099-A question How to report?

[Larmil]

Client received a 1099-A for a residence. Box 2 has 54,000, box 4 has 58,000, and box 6 checked yes. Property was principal residence in 2003 and 2004. Property was rented in 2005 and 2006. Not used from 2007 until 3/18/08 when acquired by lender. Original cost was 72,000. depreciation taken was 4,000 (all numbers rounded). Client would not be required to file otherwise - only income was social security. How do I show this?

[RLymanC]

1099-a

It appears that you do nothing with the 1099-A, however you may have to report the sale of the residence, take the $250,000 ($500,000 if MFJ) if qualified (live in it 2 of the previous 5 years) and pay some tax on the recapture of depreciation taken.

[Larmil]

It appears that you do nothing with the 1099-A, however you may have to report the sale of the residence, take the $250,000 ($500,000 if MFJ) if qualified (live in it 2 of the previous 5 years) and pay some tax on the recapture of depreciation taken.

Thank you, but where do I report the sale of the residence?

[S T]

Sale of Residence

My software has a Sale of Residence Worksheet, and I can toggle to print the worksheet and also print on Schedule D and then it enters the Sect 121 exclusion for me. So a two line entry, and it will handle the recapture of any depreciation, which I believe is handled on form 4797.

Sandy

[Jesse]

http://www.thetaxbook.com/forums/showthread.php?t=11134&highlight=1099A

Here is another thread on the subject which I learned quite a bit from.

My software would do the same as ST stated.

[Larmil]

http://www.thetaxbook.com/forums/sho...ighlight=1099A

Here is another thread on the subject which I learned quite a bit from.

My software would do the same as ST stated.

Thank you. That thread clarified the situation for me.