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shewhalau
New Member

Do I need to file schedule D or other filing if I sold my home at a loss and owned for less than 2 years?

 
1 Best answer

Accepted Solutions
DoninGA
Level 15

Do I need to file schedule D or other filing if I sold my home at a loss and owned for less than 2 years?

Only if you received a Form 1099-S for the sale would the sale have to be reported on a tax return (gain or loss)

If you did not receive a Form 1099-S and you have a loss on the personal residence it is not reported on a tax return.

 

If you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return. 

 

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button

 

Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home

View solution in original post

2 Replies
DoninGA
Level 15

Do I need to file schedule D or other filing if I sold my home at a loss and owned for less than 2 years?

Only if you received a Form 1099-S for the sale would the sale have to be reported on a tax return (gain or loss)

If you did not receive a Form 1099-S and you have a loss on the personal residence it is not reported on a tax return.

 

If you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return. 

 

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button

 

Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home

View solution in original post

shewhalau
New Member

Do I need to file schedule D or other filing if I sold my home at a loss and owned for less than 2 years?

Thank you very much.  This is exactly what I am looking for.  Appreciate your comment!

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