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Pat286
Level 3
June 2, 2020
Question

Where do I report a loss on sale of real estate to a related party? My taxpayer bought a home in January 2019 and sold it to his son in May 2019 for a loss.

  • June 2, 2020
  • 4 replies
  • 55 views
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4 replies

abctax55
abctax55
Level 15
June 2, 2020

F 8949, Sch D, maybe F 4797... 

The real question is whether the loss is 'deductible'.

NMI

HumanKind... Be Both
    Pat286Author
    Level 3
    June 3, 2020

    This type of loss is not deductible.  I wanted to know where to reflect this correctly on Pro Series.

    IRonMaN
    IRonMaN
    Level 15
    June 3, 2020

    Schedule D - click the code showing personal loss in the "transaction type" box.

    Slava Ukraini!
      IRonMaN
      IRonMaN
      Level 15
      June 2, 2020

      Bought a home in January and sold it in May to his son.  Sounds like the sale of personal property and isn't deductible.  

      Slava Ukraini!
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