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Elvisspencer
Apr 3, 2009, 10:18 AM
Husband inherited a house, sold the house at a loss in 2008. I understand about Sch. D Disposition info but what box do I check in Part 1: Type of investment or other property- Do I check L? Other property tangible? Thank you in advance for you help!
ebaines
Apr 3, 2009, 01:29 PM
The loss on the sale of non-investment property is not deductible, as it is considered personal property. So no need to report the sale on Schedule D.
AtlantaTaxExpert
Jun 2, 2009, 02:13 PM
If the sale of the house was reported on Form 1099-S, they MAY want to report it on Schedule D as a neutral sale (no gain or loss) in order to properly account for the Form 1099-S and avoid an IRS audit letter.

If there is no Form 1099-S, then ebaines is correct that is does not have to be reported.