Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-16-2015, 10:18 PM
Junior Member
 
Join Date: Feb 2015
Posts: 1
help with form 8949

I have a large loss from sale of home my wife was gifted from her mother and a small gain from sale of a home that my wife inherited from her grandmother. In filing out form 8949 I needed to know if I play the loss against the gain for a Loss and then transfer it to sch D as a -0- because I was quite sure you can not deduct loss on personal use property. I was confused when having to add up columns. thanks Larry



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-17-2015, 10:00 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by Amazinglyeasy View Post
I have a large loss from sale of home my wife was gifted from her mother and a small gain from sale of a home that my wife inherited from her grandmother. In filing out form 8949 I needed to know if I play the loss against the gain for a Loss and then transfer it to sch D as a -0- because I was quite sure you can not deduct loss on personal use property. I was confused when having to add up columns. thanks Larry
as you said, you can not deduct a loss from the sale or other disposition of property held for personal use , except in the case of casualty or theft;however, gains on these items are taxable unless otherwise excluded, such as under the home sale rules that allow you to exclude up to $250k on the sale of your primary home.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
When filing form 8949 is necessary smithson Capital Gains 1 02-01-2015 03:22 PM
Form 8949 adjustment to basis for Schedule K-1 Pilm Capital Gains 2 03-09-2013 11:18 AM
Form 8949 adjustment to basis for Schedule K-1 Pilm Income 0 03-08-2013 02:09 PM
Eight Facts about New IRS Form 8949 and Schedule D Samatg For 2011 0 02-10-2012 10:32 PM
What type of transactions are reportable on Form 8949? TaxGuru For 2011 0 01-09-2012 07:43 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.