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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.

Pat286
Level 2
 
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4 Comments 4
abctax55
Level 15

F 8949, Sch D, maybe F 4797... 

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

NMI

HumanKind... Be Both
IRonMaN
Level 15

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!
Pat286
Level 2

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

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IRonMaN
Level 15

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


Slava Ukraini!