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?
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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? -
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
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1040 line 21
Other income is the best way to handle this. Not earned income subject to SE tax.Comment
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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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