Solved: I sold a second home/property in Michigan for 95,000 that we had for 20yrs. I did not get a 1099-S from the sale. I have no gains, do i need to report?
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Anonymous
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I sold a second home/property in Michigan for 95,000 that we had for 20yrs. I did not get a 1099-S from the sale. I have no gains, do i need to report?

  1. It is a second/vacation home. Never lived in as a primary residence.
  2. Never rented.
  3. We have owned the property for 20yrs.
  4. We have receipts for improvements that are in excess of the sale price.
  5. Did not get a 1099-S for the sale


Do I need to report on my taxes?

1 Best answer

Accepted Solutions
HelenaC
New Member

I sold a second home/property in Michigan for 95,000 that we had for 20yrs. I did not get a 1099-S from the sale. I have no gains, do i need to report?

Yes, you have to report it. A second home used as a vacation home is a personal use capital asset. A gain on the sale is reportable income, but a loss is NOT deductible. If this is a rental see I sold my rental property. How do I report that?

Note: You may enter the original cost of the house plus improvements, but TurboTax will not deduct the loss, from your income, since this is a personal use capital asset.

To enter the sale of your Michigan home, follow these instructions: https://ttlc.intuit.com/replies/4241480

View solution in original post

1 Reply
HelenaC
New Member

I sold a second home/property in Michigan for 95,000 that we had for 20yrs. I did not get a 1099-S from the sale. I have no gains, do i need to report?

Yes, you have to report it. A second home used as a vacation home is a personal use capital asset. A gain on the sale is reportable income, but a loss is NOT deductible. If this is a rental see I sold my rental property. How do I report that?

Note: You may enter the original cost of the house plus improvements, but TurboTax will not deduct the loss, from your income, since this is a personal use capital asset.

To enter the sale of your Michigan home, follow these instructions: https://ttlc.intuit.com/replies/4241480

View solution in original post

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