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    Elvisspencer's Avatar
    Elvisspencer Posts: 1, Reputation: 1
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    #1

    Apr 3, 2009, 10:18 AM
    Capital Gain - Loss Type of Investment
    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's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

    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.
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