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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29558
Experience:  Taxes, Immigration, Labor Relations
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The loss is $56,000 because of the real estate bust. Does

Customer Question

The loss is $56,000 because of the real estate bust. Does this whole amount go on line 14?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
If that loss is realized from the sale of RENTAL property - then the sale transaction is reported on form 4797 - and yes - that loss is transferred to form 1040 line 14 as negative amount - and yes - it is fully deductible in the year of sale.Questions?
Expert:  Lev replied 1 year ago.
Let me know if you still any help to report the sale transaction.If you already completed form 4797 - I will help to verify your reporting.Otherwise....I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.