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darrenk25
New Member

I sold a 2nd home in 2018 for less money than I purchased it for in 2002. What do I enter for "net proceeds"?

 
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2 Replies
Anita01
New Member

I sold a 2nd home in 2018 for less money than I purchased it for in 2002. What do I enter for "net proceeds"?

Net proceeds would be the selling price less a few costs of  the sale, such as brokerage commissions.  Loan payoffs do not count in the transaction.  Losses on the sale of second homes are not deductible.

darrenk25
New Member

I sold a 2nd home in 2018 for less money than I purchased it for in 2002. What do I enter for "net proceeds"?

Thank you for your help.  I purchased the 2nd home for $117,000 in 20002 and sold in 2018 for $112,000.  I netted about $13,000 from the sale.  Would I input $13,000 or -$5,000 for net proceeds?

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