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H
Hawk26
Level 3
March 25, 2020
Solved

Real Estate - Mom's Home

  • March 25, 2020
  • 3 replies
  • 35 views

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?

This topic has been closed for replies.
Best answer by sjrcpa

Yes it gets reported on Schedule D.

Does ProSeries have a box or something to indicate personal use asset? (I use Lacerte which does)

3 replies

sjrcpa
sjrcpaAnswer
Level 15
March 25, 2020

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.
    L
    linette
    Level 6
    March 25, 2020

    Yes ProSeries has P-Personal Loss not investment for transaction type on schedule D.

     

      RollTide68
      RollTide68
      Level 7
      March 25, 2020

      Enter the sale on the Home Sale Worksheet and it should flow over with no loss.

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