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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?
- It is a second/vacation home. Never lived in as a primary residence.
- Never rented.
- We have owned the property for 20yrs.
- We have receipts for improvements that are in excess of the sale price.
- Did not get a 1099-S for the sale
Do I need to report on my taxes?
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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?
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
- Mark as New
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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?
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
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