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New Member
posted Jun 7, 2019 5:40:28 PM

Should I report the sale of the second (summer) house, which was sold with loss, if I have 1099-S ?

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1 Best answer
Intuit Alumni
Jun 7, 2019 5:40:30 PM

Yes, you should. Since this is considered a second home and not your primary residence, it should be reported on the tax return. Turbo Tax will walk you through what information is needed and how to report it in the program. 

3 Replies
Intuit Alumni
Jun 7, 2019 5:40:30 PM

Yes, you should. Since this is considered a second home and not your primary residence, it should be reported on the tax return. Turbo Tax will walk you through what information is needed and how to report it in the program. 

Level 3
Jun 7, 2019 5:40:32 PM

Yes, if you received a 1099-S you will still need to enter it even if it was sold at a loss. 

Level 15
Jun 15, 2019 6:06:48 AM

Even though you are required to report the sale (because you got a 1099-S), you are NOT allowed to claim the loss, as a deduction, because it is personal use property (as opposed to investment property).  Turbotax will make an adjustment on form 8949.