If this is for your personal home your report the sale in Wages & Income Less Common Income Sale of HomeLosses on personal residents are not tax deductible. If the short sale is for land or some other investment you report it Wages & Income Investment Income Stock, Bonds, Mutual Funds, Other When it asks if you received a 1099-B the answer is No and then you will see a list of various items you can choose from. A loss for an item in this section is deductible. If the loss is a Capital Loss you can deduct $3,000 above Capital Gains each year. The remaining balance will carry forward and be deducted until the loss is used up.

Question

I am trying to report a loss on a short sale

Forum|Forum|6 years ago
March 8, 2020
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D

DianeC958

If this is for your personal home your report the sale in

Wages & Income
Less Common Income
Sale of Home

Losses on personal residents are not tax deductible.

If the short sale is for land or some other investment you report it

Wages & Income
Investment Income
Stock, Bonds, Mutual Funds, Other

When it asks if you received a 1099-B the answer is No and then you will see a list of various items you can choose from.

A loss for an item in this section is deductible. If the loss is a Capital Loss you can deduct $3,000 above Capital Gains each year. The remaining balance will carry forward and be deducted until the loss is used up.

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