Ask Experts Questions for FREE Help !
    Elvisspencer's Avatar
    Elvisspencer Posts: 1, Reputation: 1
    New Member

    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: 12,132, Reputation: 1307

    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
    Senior Tax Expert

    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.

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

How to report capital gain from a long term investment [ 1 Answers ]

I bought say 100,000 dollar worth of mutual funds(several) from a investment company in 1997. Since then, I rolled the moneys through several companies and last year, I sold off all of them. The values went ups and downs with more moneys in and more moneys out. If I total all the investment...

Capital Loss on foreign investment [ 4 Answers ]

Hi, I am a non-resident alien working in US and trying to file my US tax returns. Past few months have been pretty bad for stock market and economy in general. I have not been an exception to that. I sold some shares at a loss in India and transferred the money to US. I want to know if I can...

Capital Gain/loss in joint account - filing separately [ 1 Answers ]

When filing separately, who must claim capital gain/loss for a joint account

Capital gains from investment property [ 3 Answers ]

According to the 1031 like-kind exchange you can't buy a property to make it your primary residence using the money from an investment property (rental home?) and then avoid to pay capital gains. Is this correct? Is it true that if I sell a house I had as an investment property, that I can buy...

View more questions Search