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Vacation Home Sale

DJ
Level 2

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

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jeffmcpa2010
Level 11

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.

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3 Comments 3
jeffmcpa2010
Level 11

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.

DJ
Level 2

Thanks for your help.

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jeffmcpa2010
Level 11

Glad I could help

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