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I sold a Co-Op(main home) in 2016 in NYS(NYC), my profit on it was much less than the $250k TT mentions. I did not recieve the 1099-S TT asks for. Do I have to report it?

Forum|Forum|7 years ago
June 5, 2019
1 reply
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Also, I had improvements/renovations to the property, is there a way to deduct those?

TurboTax Deluxe Windows

Best answer by donferg1332

The profit on the same is exempted because of the value. The only use for the improvements expenses would have been to reduce the profit below the $250K. Since it is already there ,there's no use for those expenses.

Regards, Don

D

donferg1332Answer

Employee

The profit on the same is exempted because of the value. The only use for the improvements expenses would have been to reduce the profit below the $250K. Since it is already there ,there's no use for those expenses.

Regards, Don