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Where to I enter the Sale of vacation Home

bmoegg
Level 1

Client sold their vacation home in Costa Rice for a $3,000 loss. Not sure where to enter since the loss is not allowed.

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Just-Lisa-Now-
Level 15
Level 15

Sch D, use the 1099B worksheet, scroll down past the 1099B info section,  Doubleclick on the entry line to get a screen where you can choose vacation home so it will assign Code L and not allow the loss.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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4 Comments 4
abctax55
Level 15

Ummm   Nowhere?

Unless there was a F 1099-S issued (unlikely for foreign property).

"*******Tax software is no substitute for a professional tax preparer*******
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jeffmcpa2010
Level 11

Just don't overlook that they may have ended up with a "Foreign Financial Asset" meeting the requirements to be reported.

Just-Lisa-Now-
Level 15
Level 15

Sch D, use the 1099B worksheet, scroll down past the 1099B info section,  Doubleclick on the entry line to get a screen where you can choose vacation home so it will assign Code L and not allow the loss.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
bmoegg
Level 1

Thanks Lisa