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You would still need to report the sale on the tax return, using schedule D. However, the loss would be excluded as it is a second home.
The sales price would be box 2 of 1099a and the basis the same amount to show no gain or loss on schedule D
Your basis would be the same, you'd show the loss then write "disallowed loss" and show no loss on the front of your 1040
Same as reporting sale of personal residence ?
because it's a loss
You would show a gain on the front of the 1040 if there was a gain
So on schedule d the sale price is 363,000 and the basis would be the original purchases price plus major improvements
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