Sale of second home, no 1099-S

Forum|Forum|2 years ago
February 28, 2024
1 reply
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We sold a property (not our main home) and did not receive a 1099-S. How do I report this using the closing statements from original purchase and sale? If simply going by purchase price vs. sale price (without considering closing costs and commissions) we have a $6000 gain. But if we consider closing costs/fees/commissions during original purchase and sale, we have a $600 loss. We had no mortgage on this parcel.

Vanessa A

To enter the sale of your property without a 1099-S, you will select the following:

Federal
Income
Show More next to Investment Income
Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Select Other
Continue through and select land personal use for the type of investment
Answer how you obtained the land you sold
You will need to enter the selling price, dates and the cost basis of the items

When you enter the costs, you will end up with a loss which is not allowed as a deduction on personal property, therefore, you will come to a screen that says We'll record this sale with a zero loss. The sale will be reported on Schedule D, but you will not see a change in your tax due or refund amount.

Sale of Capital Asset

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