sale of residence

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  • arlo
    Senior Member
    • Feb 2008
    • 285
    #1

    sale of residence

    Clinet sold house at loss. He said he did not get a 1099S. TB 6-22 says you do not have to report sale. What you say.
    Tags: None
    • DaveO
      Senior Member
      • Dec 2005
      • 1453
      #2
      No gain, no 1099, no need to report. I agree with the TB.
      In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
      Alexis de Tocqueville

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        • ChEAr$
          Senior Member
          • Dec 2005
          • 3872
          #3
          Originally posted by DaveO
          No gain, no 1099, no need to report. I agree with the TB.
          Agree, just as long as this "house" was actually his personal residence, or what I would call a home.

          "It takes a heap of living to make a house a home." (Old quotation from somewhere and somebody.)
          ChEAr$,
          Harlan Lunsford, EA n LA

            Comment

            • Burke
              Senior Member
              • Jan 2008
              • 7068
              #4
              Agree with Chear$, 2 out of 5 yr rule, and all that, including under $250K and/or $500K MFJ. TTB 6-19.

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                • DaveO
                  Senior Member
                  • Dec 2005
                  • 1453
                  #5
                  Originally posted by Burke
                  Agree with Chear$, 2 out of 5 yr rule, and all that, including under $250K and/or $500K MFJ. TTB 6-19.
                  True, if it was rental or investment property he may have a deductible loss.
                  In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
                  Alexis de Tocqueville

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