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Level 3
April 20, 2022
Solved

Vacation Home Sale

  • April 20, 2022
  • 1 reply
  • 3 views

What do you use to report the sale schedule D or Form 4797.  Is depreciation ordinary income?

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Best answer by jeffmcpa2010

If it was ever rented out it would go to 4797 (Enter the sale information on the Asset Entry on the Schedule E asset input)

If purely personal - goes to Schedule D use the 1099-B input page and just enter the information you have to in order to get it to work.

If there is a loss remember that it is non-deductible for personal assets.

1 reply

Level 10
April 20, 2022

If it was ever rented out it would go to 4797 (Enter the sale information on the Asset Entry on the Schedule E asset input)

If purely personal - goes to Schedule D use the 1099-B input page and just enter the information you have to in order to get it to work.

If there is a loss remember that it is non-deductible for personal assets.

DJ16_2Author
Level 3
April 20, 2022

Thanks for your help.

Level 10
April 20, 2022

Glad I could help