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I have a 1099-A. In box one is the date, box two is ...

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I have a 1099-A. In box one is the date, box two is Balance of Principal Outstanding for $358,798, box four is the Fair Market Value of Property for $381,978. Report this transaction on schedule D or form 4797?
Submitted: 6 years ago.
Category: Tax
Expert:  Lev replied 6 years ago.

Is this for your primary residence or investment, or business, or rental property?

Did you also receive 1099-C?

Customer: replied 6 years ago.
Reply to LEV's Post:

Primary residence. Received 1099-A only.

Expert:  Lev replied 6 years ago.

Did you own and use the property as your primary residence at least 2 years?

What was a purchase price?

Customer: replied 6 years ago.
Reply to LEV's Post:

Cost $450,000. Owned the property for 1 year,

Expert:  Lev replied 6 years ago.

While generally the transaction is taxable, in your particular situation there is no any taxable income as you purchase the property for $450,000 and the asset was disposed for $381,978 (the Fair Market Value of Property) .

You also may not deduct your losses as that was a personal property. So generally you - you do not need to report the transaction.

If you would have a profit - you will report it on the schedule D. The form 4797 is used to report the sale of a business or rental property.

You may want to add notice to the IRS to avoid possible questions.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22849
Experience: Taxes, Immigration, Labor Relations
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Lev
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Taxes, Immigration, Labor Relations