cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

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

 
1 Best answer

Accepted Solutions
Highlighted
Level 9

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

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. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

3 Replies
Highlighted
Level 9

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

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. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Highlighted
Level 3

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

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Highlighted
Level 15

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

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.