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where do i enter the sale of personal property on a residential home sale

LCM
Level 1

I HAVE A CLIENT THAT SOLD THEIR HOME AT A GAIN.  IN ADDITION, THEY SOLD ALL OF THE FURNISHINGS IN THE HOME.  WHERE DO I REPORT THE SALE OF THE FURNISHING.  THE HOME SALE FORM SPECIFICALLY STATE NOT TO INCLUDE THE FURNISHINGS(PERSONAL PROPERTY) IN THE SALES PRICE OF THE HOME.

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4 Comments 4
Just-Lisa-Now-
Level 15
Level 15

Sounds like directly on Sch D then, do you have basis for the furnishings?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
LCM
Level 1

I AM ENTERING ZERO BASIS.  I CANNOT UNDERSTAND HOW TO ENTER DIRECTLY ON SCHEDULE D.  THE OPTIONS ARE NOT AVAILABLE.  I THINK I AM JUST GOING TO ENTER THE ADDITIONAL FUNDS RECEIVED AS ANOTHER HOME SALE WORKSHEET SHOWING THAT A 1099S WAS NOT REPORTED WITH THE AMOUNT AND SHOW A ZERO BASIS.  I THINK THIS WILL HANDLE IT PROPERLY.  I JUST DON'T WANT IT TO FLAG ANYTING WITH THE IRS

 

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sjrcpa
Level 15

Enter this on Schedule D the same as you would if it was a stock sale, except mark not on a 1099-B.

Mist likely the furnishings cost more than their sale price, resulting in a nondeductible personal loss.

The more I know, the more I don't know.
taxes96786
Level 9

Were the furnishings sold separately or as part of the sale of the home? If included they do not get reported separately.