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bought and sold a house in 2019

I bought a house in 2019 and fixed it up and sold to my grandson in 2019. Where do I report this using Turbotax Deluxe?

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2 Replies
MinhT1
Employee Tax Expert

bought and sold a house in 2019

Please read this TurboTax Help article on how to report the sale of a second home.

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Hal_Al
Level 15

bought and sold a house in 2019

Did you make a profit on the sale? If not, you do not report it at all (unless the closing agent gave you a form 1099-S).  The loss on a sale to relatives is not deductible. 

 

If you did get a 1099-S, follow the instructions for sale of a 2nd home. The loss on the sale of a 2nd home is not deductible, whether sold to a relative or not.

 

For others reading this; "house flipping" is not usually treated as the sale of a 2nd home (sale to a relative is what makes this case different). See https://ttlc.intuit.com/community/tax-credits-deductions/discussion/tax-issues-regarding-flipping-of...

 

 

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