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sekerchak
New Member

Sold my half ownership in a home in PA that we never lived in for $89,000. Do we need to claim a capital gain or loss on 2017 Federal tax return?

Home in PA was not our residence at any time. We live in Florida.

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Accepted Solutions
KrisD
Intuit Alumni

Sold my half ownership in a home in PA that we never lived in for $89,000. Do we need to claim a capital gain or loss on 2017 Federal tax return?

You need to report the sale and the gain or loss. Report the sales proceed and the adjusted basis in the program. You can report the sale with or without a 1099-S. 

  • Click Federal on the left side-bar
  • Click Wages & Income along the top
  • Click "I'll pick what to work on" or "Show all" if needed 
  • Scroll down to "Less Common Income" click Show more
  • Scroll down to "Sale of Home (gain or loss)" click Start or Revisit
Your adjusted basis is the price you paid, plus any capital improvements you made and paid for. Report only your share. Depreciation needs to be reported also. 

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1 Reply
KrisD
Intuit Alumni

Sold my half ownership in a home in PA that we never lived in for $89,000. Do we need to claim a capital gain or loss on 2017 Federal tax return?

You need to report the sale and the gain or loss. Report the sales proceed and the adjusted basis in the program. You can report the sale with or without a 1099-S. 

  • Click Federal on the left side-bar
  • Click Wages & Income along the top
  • Click "I'll pick what to work on" or "Show all" if needed 
  • Scroll down to "Less Common Income" click Show more
  • Scroll down to "Sale of Home (gain or loss)" click Start or Revisit
Your adjusted basis is the price you paid, plus any capital improvements you made and paid for. Report only your share. Depreciation needs to be reported also. 

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