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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Sounds like directly on Sch D then, do you have basis for the furnishings?
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
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.
Were the furnishings sold separately or as part of the sale of the home? If included they do not get reported separately.
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