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Deductions & credits
You don't need to report the sale of a 2nd home, that you sold for a loss; unless you received a form 1099-S**.
Although you have to claim (declare) a capital gain on the sale of your 2nd home, you are NOT allowed to claim a loss on the sale of personal use property (e.g. 2nd home).
But, if your received a form 1099-S, the IRS will be expecting it to be reported on your tax return. In TurboTax (TT) type> 1099-s, sale of property other than main home <in the find box. Then click "jump to". TT will report the sale, but disallow the loss, on form 8949, with a code L adjustment.
**Form 1099-S is usually included in your closing documents. Unlike other tax forms, it is not usually sent to you the following January.
‎June 30, 2019
9:56 AM
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