Sale of Home

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  • RLymanC
    Senior Member
    • Sep 2005
    • 653
    #1

    Sale of Home

    Client owns a second home that client never lived in nor rented out. Clients daughter lives in house rent free. Client receives 1099-S (1098-S?) from title company reporting the sale.

    Property is sold at a loss? How and where to report sale? SchD with no loss???
    I assume no loss allowed as it is not commercial property.
    Confucius say:
    He who sits on tack is better off.
    Tags: None
    • Bird Legs
      Senior Member
      • Jun 2005
      • 990
      #2
      Sale of 2nd home

      Maybe incorrect, however, would say report on Sch. D with the basis the same as
      the sales price. Zero gain or loss.

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