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L
lucifer
Level 2
October 11, 2021
Question

1099-S

  • October 11, 2021
  • 8 replies
  • 19 views

MY CLIENT PURCHASED A HOME WITH THE INTENTION OF RENTING IT BUT DID NOT DUE TO ILLNESS.  SOLD IT 6 WEEKS LATER AND HAS A PROFIT.  WHERE DO I ENTER IT?

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8 replies

Camp1040
Camp1040
Level 10
October 11, 2021

 If the intent was truly investment property, then form 4797.

    T
    Terry53029Intuit Community Champion
    Intuit Community Champion
    October 11, 2021

    Form 8949 It is capital gain

      Camp1040
      Camp1040
      Level 10
      October 11, 2021

      OP was stating that the property was business property and not personal property. OP will have to do so leg work to show intent of purpose for the property.

      Although, since short term the results will be the same unless taxpayer has other business gains or losses.

      IRonMaN
      IRonMaN
      Level 15
      October 11, 2021

      The devil is in the details, so let's just go with schedule D since it is a shorter answer than 4797 or 8949.

      Slava Ukraini!
        T
        Terry53029Intuit Community Champion
        Intuit Community Champion
        October 11, 2021

        Have to agree with @IRonMaN use the KISS system

          ljr
          ljr
          Level 9
          October 12, 2021

          I agree, go with the schedule D

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