1099-S for sale of vacation home

Forum|Forum|3 years ago
February 23, 2023
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I am trying to file my 1099-s for sale of my vacation home. All the instructions I have seen do not give the information as I see it on my screen. Does the 1099-s go to the investment income and reported as “other sales” and no 1099-b provided? And I can then enter my sell price and purchase price with the difference being a “gain”. Then I enter sales expenses (I had to reconstruct the cabin to make it liveable). My expenses were more than the “gain” so now I have a capitol loss carry over for 2023 taxes?
I can’t get anyone “live” at turbo tax to answer my question!!

Not A Product Question

Vanessa A

You are correct for how to enter the sale of your vacation home.

However, since it is personal property your loss is not deductible and it cannot be carried forward. Basically, while you are entering your expenses, once you hit $0, you won't be taxed on the sale, but you will have no other tax benefits for it.

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Mb440Author

So that means I should only enter “sales expenses” that equal the amount shown as a gain? I have receipts that cover the total losses since I had to “reconstruct” the home.

JosephS1

No, what it means is you can enter the total expenses but there will be no loss allowed as the expenses will be capped at the amount of the proceeds. The screen would show similar to the following: Sales - $1000, Sales expenses - $100, Cost of Other Basis $1,000, Loss recognized - $0. Like Vanessa A said, losses on sales of personal property are not deductible.

@Mb440

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