Home Page link  

If I sell my residence at a loss ...

  
Groups | Search | About
User Password
Register Now! Lost Password?

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
If I sell my residence at a loss ... NadCixelsyd 04-25-2008
Posted by NadCixelsyd on April 25, 2008, 3:58 pm
Please log in for more thread options
 Do I have to put it on my tax return? It's not a loss that I can
claim, but someone did take my SSN at the closing. Is the IRS going
to be looking for that on my return??

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Arthur Kamlet on April 25, 2008, 4:34 pm
Please log in for more thread options
>Do I have to put it on my tax return? It's not a loss that I can
>claim, but someone did take my SSN at the closing. Is the IRS going
>to be looking for that on my return??


If it's your main home, that you owned and lived in during the
two-year period prior to sale, no need to even report.


If not, report it and calculate the loss. On the next line
write "Personal Property - Loss Disallowed" and enter as
a gain, the amount of los just shown, so the net gain/loss
is zero.


The IRS counsel responsible for Schedule D and its instructions
does not want to see it reported in the above (main home)
circumstances, even if a 1099-S had been issued.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Avrum Lapin on April 25, 2008, 8:56 pm
Please log in for more thread options
kamlet@panix.com (Arthur Kamlet) wrote:

> In article
> >Do I have to put it on my tax return? It's not a loss that I can
> >claim, but someone did take my SSN at the closing. Is the IRS going
> >to be looking for that on my return??
>
Big snip
>
>
> The IRS counsel responsible for Schedule D and its instructions
> does not want to see it reported in the above (main home)
> circumstances, even if a 1099-S had been issued.

But the California Franchise Tax Board (California's iR) will send a
nasty letter stating that you sold something, have no basis, and
therefore you owe.

We always tell taxpayers with a 1099S or a 1099B to file to keep the FTB
off their back

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Similar ThreadsPosted
Maryland Principal tax, residence vs non-residence August 21, 2008, 11:17 am
Buy and sell rules July 19, 2008, 9:26 pm
how do I sell my business/s-corp February 12, 2007, 12:23 am
how do I sell my business shares in s-corp? February 12, 2007, 7:35 am
Stock sale order: Sell by ID by Ameritrade March 14, 2007, 12:22 am
Buy property as an S-Corp with cash, and later sell it to myself for 30yr mortgage. May 8, 2007, 12:52 am
sell home to your corp or LLC to become a rental and claim $500k exemption? July 29, 2008, 1:24 pm
Sale of NYC residence June 26, 2008, 9:49 am
401K first residence question October 11, 2007, 10:19 pm
How is legal residence determined? February 18, 2008, 6:30 am

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap