Second Home Sold To Son At Original Cost. Do I Need To Report The Sale When There's $0 Gain?

[JohnASmith]

I do know I have to file a Form 709 to report the gift amount, being the difference of what he paid and the market value.  Got that covered.  I'm just unsure if I have to report the sale otherwise.   I actually asked the question before when inquiring about the gift tax situation, but got conflicting replies.  So trying again.   Any help would be appreciated, thanks in advance. 

[Mike9241 · Accepted solution]

if you got a 1099-S you'll need to report it because the IRS will be looking for the proceeds being reported on your return. otherwise, reporting is not required

[JohnASmith]

No 1099, privately handled transaction.  Thank you.