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danieladderley
June 27, 2019
Question

My mother was living in my 1st house I bought for 58k in 2010 I just sold it this week for a gain this was not a rental or a primary residence how will this work on my taxes

  • June 27, 2019
  • 1 reply
  • 0 views
Will there be a problem with my taxes ?

1 reply

DoninGA
DoninGA
Employee
June 27, 2019

If the residence is not your primary home, is not rented or used in a business, then it is your second home.

When you sell the home and have a gain, then the gain is taxed as a long term capital gain reported on IRS Schedule D and IRS From 8949 for tax year 2019.  If you sell the home for a loss, the loss is not reported on a tax return.

 

The sale would be reported in the Investment Income section of the TurboTax program.

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