Taxpayer purchased property never renter or lived in property. Later sold property at loss. Does it needed to be reported on Tax return? If so should it be reported on Schedule D

DaisyMae8 · ‎11-09-2022

Taxpayer purchased property never rented or lived in property.

Held for two years and then sold property at loss. Does transaction need to be reported on return.

If so which form and can Loss be deducted?

IRonMaN · ‎11-09-2022

What was the original purpose for buying the property?

Slava Ukraini!

DaisyMae8 · ‎11-09-2022

Originally to use as a rental property. But things changed.

No income was ever generated.

sjrcpa · ‎11-09-2022

Yes it needs to be reported. There will be a 1099-S with the sale price. IRS will come calling if it is not on the return.

The more I know the more I don’t know.

sjrcpa · ‎11-09-2022

So what was going on with this property for two years?

Tried to rent it?

Renovations?

Sitting empty and getting decrepit?

The more I know the more I don’t know.