Yes, given that the company sent you a 1099 Misc you still need to report the sale on your tax return. However, because you sold your RV at a loss, and because the RV was your primary home, the loss is not deductible.
To report the sale and if you are using TurboTax online, follow these steps:
- After signing in, go to Income & Expenses
- Scroll down the page to Less Common Income
- Click on the drop-down arrow to open the window if it is not already opened
- Select Sale of Home (gain or loss) and respond to the questions accordingly.
Given that your RV sale was part of a legal settlement, there may be other factors which might make you eligible to deduct part of your loss. You can provide additional details if you wish (as a reminder do not include personal identifiable information in any follow-up post); however, there is no guarantee that we can opine further on what you submit. Consequently, you may want to discuss the legal settlement and RV sale with you personal tax advisor to determine whether any part of your loss is deductible.
@Kimmie18
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