I purchased a 50% interest in a condo in 2007. I sold it in 2011 at a small loss.
I just realized that I forgot to put it on my 2011 tax return. But was it required? There was no profit and it was not an investment. Should I ...
A-Do nothing. Will the IRS send me a letter at which point, I can explain why it was not reported? B-File an amended return which is a royal pain in the butt. How does one report this? Schedule D? Since the sales price was less than the basis, how do I show zero in the gain/loss column as the sales price and cost basis are different?