I sold my home in 2018, but do not meet the 2 year ownership test (lived there 17 mos). It sold at a loss so I didn't receive a 1099-S. Do I need to report anything?

[sammy87496]

Do I need PREMIER if there's no gain to report? I didn't receive a 1099-S but I also didn't meet the use requirement (2 years), but house sold at a loss anyways.

[Critter · Accepted solution]

If you did not get a 1099-S at the closing and you sold at a loss then there is nothing to report.  Check the mass of papers you got at closing to make sure that form was not issued ... call the closing company if necessary. 

[sammy87496]

Thank you! I will contact the closing company to be 100% sure.

[BobB7]

Actually, you may have SOMETHING to report.  If property taxes are considered to be paid in advance and if you itemized last year and claimed a deduction for property taxes then you probably got a partial reimbursement at closing (check your closing statement).  In that case, that reimbursement is taxable income on your Federal return this year.

[sammy87496]

So for 2017, I owned the home and the property taxes were like $500, no itemization, just the standard deduction. For 2018, I sold the home on 8/31 and the property taxes from 1/1-8/31 sale were deducted from my sales proceeds. I think in this case there is nothing to report?

[BobB7]

I agree.

[sammy87496]

Great, thank you for your help! Doing taxes on a Friday, so fun 🙂