1099-B Incomplete

Forum|Forum|4 years ago
February 16, 2022
7 replies
55 views

Last year I sold a country club equity membership at a loss which I'm convinced is a long term capital asset loss and therefore deductible against the long term capital gain from selling my house. The 1099B sent by the country club has only the proceeds I received entered in Box 1d with Box 6 for gross proceeds reported to the IRS. Since I will be entering the cost basis in TurboTax that is not listed on the 1099B based on my own calculations, is the Sales Category a Box E, Long term sale with cost basis NOT reported to the IRS? Do I just enter the appropriate data even if it isn't listed on the 1099B?

Anonymous_

Level 15

The problem here is that losses from the sale of personal-use property are not deductible.

See https://www.irs.gov/taxtopics/tc409

MytwocentsAuthor

Level 2

First, I don't consider it personal-use property as you do. I may lose the argument with the IRS, but I'm part owner of a business, a full business with liabilities and a 100% risk to my equity. I've also researched other resources that state my equity is a capital asset. If I made a profit, I have no doubt the IRS would demand every penny of tax, yet a loss can't be deducted?