Hawk26
Level 3
03-25-2020
02:32 PM
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Son & Daughter jointly purchased ($240K) and owned Mom's home (non-investment). Mom died in 2019 and the house was sold for $215K.
Does the 1099-S get reported on Schedule D and since it wasn't purchased for profit-motive, how do I forego the "loss" on the sale?
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sjrcpa
Level 15
03-25-2020
02:34 PM
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Yes it gets reported on Schedule D.
Does ProSeries have a box or something to indicate personal use asset? (I use Lacerte which does)
The more I know the more I don’t know.
linette
Level 5
03-25-2020
02:45 PM
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Yes ProSeries has P-Personal Loss not investment for transaction type on schedule D.
RollTide68
Level 8
03-25-2020
02:47 PM
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Enter the sale on the Home Sale Worksheet and it should flow over with no loss.
