Boat sale/primary home

[taxwhs4]

I sold my boat, which has been my primary/only residence for the last 3 years. Made a profit on the sale (unusual times). Do I need to claim anything? Looks like 2 options: Claim as a primary home sale sale; or claim as a boat sale-initial cost minus the upgrades, which eats up the profit. 3rd option is not to claim anything.

[Critter-3 · Accepted solution]

Report it as a sale of home even if there was no profit ... especially if you got a 1099-S at closing.  Failure to report the sale will guarantee you an IRS audit in a couple of years ... make sure to check the 1099-S box.  Don't get hung up on the address entry ... enter whatever address the boat was registered to at the time even if it is the marina ... the address is not important. 

[taxwhs4]

Thanks. Will use this solution.