Question

Sold rental property which did not make gain, do I need report?

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Employee

You might actually have a gain. The payoff of any mortgage is not factored into the gain/loss calculation, but recaptured depreciation is.

A

Anonymous

if the rental property was sold at a loss. you are entitled to deduct the loss. I'am assuming the property was not ever your personal residence

Employee

A 1099-S was issued for the sale...you & the IRS both got one so it must be reported.

3 replies