RichardG
New Member

Business & farm

There is no particular form for your situation.  Your basis in the property is half the original purchase price and a loss for you of $11,000.  Report your half of the transaction under sale of second home for federal purposes.  Since the sale was a loss, if you have no other sources of Ohio income, there's no need to file a return for that state.  Since this is a personal loss, the loss will not lower your taxes.

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