1099 A

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  • JenMO
    Senior Member
    • Apr 2007
    • 974

    #1

    1099 A

    TP rec'd 1099 A on personal residence. Balance outstanding is more than FMV of property. Is this reported on Sch D as a personal loss, not deductible? Tp did own the house a little over 2 years. Then the Co gave him $3000 to move out and put on 1099Misc non employee compensation. Is this reported on line 21, as if "other income", I can't see any way this is non employee comp subj to SE?
  • JenMO
    Senior Member
    • Apr 2007
    • 974

    #2
    Lookers, but no responses. Can anyone comment? Does the 1099 A even have to be put on the Sch D, should it be on for IRS matching?

    Comment

    • Gary2
      Senior Member
      • Aug 2010
      • 2066

      #3
      Yes, put it on Sch. D as a non-deductible loss on sale of personal residence. But I think the real question is that $3000, for which I don't have an answer.

      Comment

      • Chief
        Senior Member
        • Jun 2005
        • 799

        #4
        1040 line 21

        Other income is the best way to handle this. Not earned income subject to SE tax.

        Comment

        • Davc
          Senior Member
          • Dec 2006
          • 1088

          #5
          A case could be made for adding it to the "proceeds of the "sale" under tho "origin of claim" doctrine.

          Comment

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