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I converted a personal home to a rental last year in

I converted a personal...

I converted a personal home to a rental last year in January. It was only rented for a couple of months through a property management company before it sold. I actually lost money on it because of the fees, repairs and selling price. I did not receive a 1099-S. Do I still need to report it and how do I do that without the 1099-S?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I don't think so

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Answered in 5 minutes by:
3/16/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,645
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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You will need to report the rental use on Schedule E. Then you report the sale on form 4797. If you do have a loss then you can claim for the rental use time but the loss on your main home use is not allowed to be used.

You report the sale price less the costs to sale and your cost plus improvements less depreciation (for the rental time).

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Customer reply replied 1 month ago
Do I need the 1099-S?

No you are not required to have that form , it was most likely not issued because they assumed you could exclude all the gain under IRC 121 for main home.

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Customer reply replied 1 month ago
Does it make a difference if it wasn't our main home? It was a second home.

If you had not used for rental you would not report at all as long as this was your main home for at least 2 years out of the 5 years prior to sale and your gain was $250,000 or less if single or $500,000 or less if married filing joint.

No loss is allowed for personal use property. This includes a second home.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Customer reply replied 1 month ago
Ok, I think I've got it. Thanks

You are most welcome.
A positive 5 star rating is appreciated so I am credited for assisting.

Robin D.
Robin D., Senior Tax Advisor 4
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