capital gain on home sale

Forum|Forum|4 years ago
February 12, 2022
2 replies
13 views

sale proceeds $112 500

Selling cost $ 14 446

Cost base of house sold $102 500

on home sale worksheet, it calculates loss $-4 446. However on the Sch D it's giving a loss of $10k ignoring the selling expense and same information is flowing to NC state returns, at this point never mind NJ return, it's even pulling up $112 500 as cost base (?) (like everything else apparently because form is not finalized)

What am I missing, loss of $4446 or loss of $10k?

ProSeries Professional

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taxiowa

Level 8

The program is showing $0 loss because it is a personal house. You can't take a loss on your personal house. Gain or loss is in column h which shows 0. The amount in column g is simply the offset to taking a loss on personal property. Program is calculating correctly except you must have entered selling cost in wrong part, put who cares. Whatever loss you have will be adjusted in column g to leave you with 0 loss reported.

abctax55

Level 15

Looks fine to me...

A loss on a personal residence isn't deductible.

The line with the $ 4,446 specifically says "stop here if loss".

The $ 10,000 is just the adjustment necessary to prevent any loss carrying over to the actual return.

HumanKind... Be Both

D

dbtaxsolutionsAuthor

Level 6

I understand home resident sale is not taxable up to the exemption amount, the column on the form however does not say taxable gain or loss, it just says, gain or loss. I would think it should show the right loss, but then down the form should apply the exemption to show zero, i think the right steps should appear as follow through. Anyway, thanks

sjrcpa

Level 15

Maybe there is more detail on the 8949.

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

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