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mksears
New Member

If I sold a second home at a loss, but I am carrying the note to be paid over 5 years, how do I report the amount of money received for just 1 year?

 
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Accepted Solutions
MichaelL1
Level 15

If I sold a second home at a loss, but I am carrying the note to be paid over 5 years, how do I report the amount of money received for just 1 year?

2nd home sold at a loss is not deductible. 

So you would report the interest income only on the note.


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4 Replies
MichaelL1
Level 15

If I sold a second home at a loss, but I am carrying the note to be paid over 5 years, how do I report the amount of money received for just 1 year?

2nd home sold at a loss is not deductible.  So you would report the interest income only on the note.
mksears
New Member

If I sold a second home at a loss, but I am carrying the note to be paid over 5 years, how do I report the amount of money received for just 1 year?

Thanks, that was fast!
MichaelL1
Level 15

If I sold a second home at a loss, but I am carrying the note to be paid over 5 years, how do I report the amount of money received for just 1 year?

My pleasure and will put answer below so it might help others also.
MichaelL1
Level 15

If I sold a second home at a loss, but I am carrying the note to be paid over 5 years, how do I report the amount of money received for just 1 year?

2nd home sold at a loss is not deductible. 

So you would report the interest income only on the note.


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