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Home Sale Capital Gain Tax

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Nina Said:

Do you need to report 1099-S if there isn't a capital gain on a sale of a home?

We Answered:

Do not report the 2008 sale of your main home on your tax return unless:
1. You have a gain and you do not qualify to exclude all of it,
2. You have a gain and choose not to exclude it, or
3. You have a loss and you received Form 1099-S.

If you have a loss on the sale of your main home for which you received a Form 1099-S, you must report the loss on Schedule D even though the loss is not deductible.

Disclaimer. The information in this response is for general purposes only, and shall not be construed as specific tax, legal, or investment advice for any individual. The questioner is urged to contact their own professional advisers before implementing any tax or investment strategy

Ida Said:

Do you need to report 1099-S if there isn't a capital gain on sale of primary residence home?

We Answered:

Do not report the 2008 sale of your main home on your tax return unless:
1. You have a gain and you do not qualify to exclude all of it,
2. You have a gain and choose not to exclude it, or
3. You have a loss and you received Form 1099-S.

If you have a loss on the sale of your main home for which you received a Form 1099-S, you must report the loss on Schedule D even though the loss is not deductible.

Disclaimer. The information in this response is for general purposes only, and shall not be construed as specific tax, legal, or investment advice for any individual. The questioner is urged to contact their own professional advisers before implementing any tax or investment strategy

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