Vacation Home Sale

[Consultant]

Vacation home was never rented. Pending sale might produce a small loss or a small gain.
Do you report on Sch D or 4797? Is a loss deductible because it's a personal asset?

[New York Enrolled Agent]

Vacation home was never rented. Pending sale might produce a small loss or a small gain.
Do you report on Sch D or 4797? Is a loss deductible because it's a personal asset?

Well since Form 4797 is titled Sale of Business Property you won’t use that.

Personal losses are not deductible.

[Lion]

If it was their secondary home, never a rental, report on Schedule D. No loss deductible on a personal residence. A gain is taxable at their long- or short-term rate.

[FEDUKE404]

Vacation home was never rented. Pending sale might produce a small loss or a small gain.
Do you report on Sch D or 4797? Is a loss deductible because it's a personal asset?

Helpful hint from Tax 101.
A Form 4797 is needed for the sale of a business asset.
Any gain is taxable via Schedule D. No loss can be claimed for a personal asset.