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stampkim1
New Member

Is a home we bought for our daughter to live in while in college a personal residence if we did not charge her rent and she never had room mates? No profit when it sold.

Home purchased for $44k

Repairs to make livable $13k+

Sold home for $55

Where do I report it? 

1 Best answer

Accepted Solutions
MinhT
Expert Alumni

Is a home we bought for our daughter to live in while in college a personal residence if we did not charge her rent and she never had room mates? No profit when it sold.

This is considered as a second home. Your capital loss is not deductible. Unless you receive form 1099-S, you do not need to report the sale.

If you received form 1099-S, follow the instructions in this answer by TurboTaxLindaA:

https://ttlc.intuit.com/replies/6174907


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
MinhT
Expert Alumni

Is a home we bought for our daughter to live in while in college a personal residence if we did not charge her rent and she never had room mates? No profit when it sold.

This is considered as a second home. Your capital loss is not deductible. Unless you receive form 1099-S, you do not need to report the sale.

If you received form 1099-S, follow the instructions in this answer by TurboTaxLindaA:

https://ttlc.intuit.com/replies/6174907


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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