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Lost my house in Sheriff Sale as previously stated. How do I…

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Lost my house in Sheriff...
Lost my house in Sheriff Sale as previously stated. How do I claim on my taxes?
Submitted: 4 months ago.Category: Tax
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Answered in 1 hour by:
3/15/2018
Tax Professional: Stephen G., Sr Income Tax Expert replied 4 months ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,469
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

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Tax Professional: Stephen G., Sr Income Tax Expert replied 4 months ago

Was this property your personal residence?

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Customer reply replied 4 months ago
Originally yes but I rented it out from March 1 2017 through November 30 2017. Rent was $1000 but didn’t receive every month.
Customer reply replied 4 months ago
Tell me what you think
Tax Professional: Stephen G., Sr Income Tax Expert replied 4 months ago

There is no deductible loss on a sale of your personal residence.

How long did you own the property before you rented it on March 1st?

How much did you pay for the property?

Was there a mortgage on the property when it was sold by the Sheriff, & approximately what was the outstanding balance?

Steve G.

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Customer reply replied 4 months ago
Owned since February 1990.
Tax Professional: Stephen G., Sr Income Tax Expert replied 4 months ago

Well, you didn't answer the remainder of my questions, but you may be surprised to learn that if there was a mortgage on the property, the lender may send you a 1099 reporting income from the debt forgiveness on the balance of the mortgage, if any, beyond the proceeds from the sale of home.

Steve G.

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