- We DO NOT qualify for exclusion bc we had not lived in the house for 3+ yrs.
- Original Price 45k + 2k for closing
- We had a second loan of 10,000 from his mother for down payment.
- Made 10000 in improvements
- I tried to rent out the property, but renters never paid and damaged the property. Cost me abt 3000 to repair.
- When sold for 52k - closing, I got 21K back.
- I gave him 6,000 to pay back the rest of what we owed his mother.
- This is technically a loss, but no doubt my closing statement shows I received 21,000 because I had paid off a large amount of the house myself.
How do I report this? Does he have to claim a portion as well?
