Real Estate - Mom's Home

[Hawk26]

Son & Daughter jointly purchased ($240K) and owned Mom's home (non-investment).  Mom died in 2019 and the house was sold for $215K.

Does the 1099-S get reported on Schedule D and since it wasn't purchased for profit-motive, how do I forego the "loss" on the sale?

[sjrcpa · Accepted solution]

Yes it gets reported on Schedule D.

Does ProSeries have a box or something to indicate personal use asset? (I use Lacerte which does)

[linette]

Yes ProSeries has P-Personal Loss not investment for transaction type on schedule D.

[RollTide68]

Enter the sale on the Home Sale Worksheet and it should flow over with no loss.