Your questions
- If you incurred a loss on the sale of a personal residence, since you cannot claim this as a capital loss, you have no obligation to report the sale. However, if you do receive a Form 1099-S indicating the gross proceeds of the sale, you should keep records to respond to any inquiry to substantiate the loss, and to show that no taxable gain resulted. On the other hand, if you don't mind filing a Schedule D - and you have a version of the product that does support Schedule D, you could file the D anyway just as early notice that there was no taxable gain. Probably does not matter.
- You can report for Tax Year 2017 any and all property taxes paid in the calendar year of 2017 irrespective of whether the taxes were for calendar years 2016 or 2017.
Note that if you had, prior to 12/31/2017, a document from your municipality that showed your assessment and any obligation to pay in 2018 and if you paid toward that obligation in 2017, that also can be reported as deductible - but only to the extent that you had that invoice or document that clearly showed the assessed obligation owed.
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
