Do I have to put it on my tax return? It's not a loss that I can claim, but someone did take my SSN at the closing. Is the IRS going to be looking for that on my return??
- posted
15 years ago
If I sell my residence at a loss ...
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- posted
15 years ago
If it's your main home, that you owned and lived in during the two-year period prior to sale, no need to even report.
If not, report it and calculate the loss. On the next line write "Personal Property - Loss Disallowed" and enter as a gain, the amount of los just shown, so the net gain/loss is zero.
The IRS counsel responsible for Schedule D and its instructions does not want to see it reported in the above (main home) circumstances, even if a 1099-S had been issued.
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- posted
15 years ago
Big snip
But the California Franchise Tax Board (California's iR) will send a nasty letter stating that you sold something, have no basis, and therefore you owe.
We always tell taxpayers with a 1099S or a 1099B to file to keep the FTB off their back