If we sold a piece of property but did not make any money on the sale, do we have to report the sale on our taxes

[jkhuff1019]

We sold a piece of property that we owned but did not make any money on the sale, i.e., the amount of the sale was exactly the same amount of the settlement costs we have to pay in relation to the sale.  Therefore, we received nothing, $0.  What we are trying to find out is if we have to report the sale -- we didn't earn anything from the sale, but do we have to report it.

[CarolynM · Accepted solution]

Yes, if you received a form 1099-S. The IRS will receive a copy and be looking to match.

If not, you do not need to report it because it is neither a capital gain nor capital loss.