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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 13196
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Client received 1099a for 2nd home never rented. Box 2 363,000

Resolved Question:

Client received 1099a for 2nd home never rented. Box 2 363,000 Box 4 411,,550
Box 5 Yes. My tax worksheet schedule shows no debt cancellation and no capital gains. Since it is a second home no capital loss. Is 1009a for information only or is it required to report on tax return if so where.
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

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.

Customer:

The sales price would be box 2 of 1099a and the basis the same amount to show no gain or loss on schedule D

MyVirtualCPA :

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

Customer:

Same as reporting sale of personal residence ?

MyVirtualCPA :

Correct

MyVirtualCPA :

because it's a loss

MyVirtualCPA :

You would show a gain on the front of the 1040 if there was a gain

Customer:

So on schedule d the sale price is 363,000 and the basis would be the original purchases price plus major improvements

MyVirtualCPA :

Correct

Customer:

I think I have it

MyVirtualCPA :

That's good

MyVirtualCPA :

Is there anything else I can assist you with today?

Customer:

Thank you

MyVirtualCPA :

If not, please rate my response as "excellent so that I may receive credit for assisting you today

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 13196
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 6 other Tax Specialists are ready to help you

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