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Old 03-31-2012, 07:59 PM
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Join Date: Mar 2012
Location: Los Angeles
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Shortsale, 1099-S - f4797 or schedule D?

Hi! First off, thank you all for posting - I have lurked around and seen so many valuable posts, but am having trouble finding my specific questions (and I apologize if they've been answered already).

I purchased a home as a primary residence in 2007, but as life would have it (and a poor choice in relationships), it ended up as a rental property that I managed (I'm older and wiser now, hopefully). Details aside...

Mortgage was as primary residence, no refinance, and just one loan, nothing fancy like an arm or two loans or...


original price $220,000
short sale price $69950
1099-S received $65000
1099-C received $154500

insolvent at time of sale/transfer

I've been doing my own taxes for 10 years, including calculating depreciation, etc., I just am not 100% sure on which forms to use for the 1099-S, 4797 vs schedule D, and especially which section, namely on form 4797 - - I know it is a 1250 property (rental), but it seems that if I calculate correctly (maybe I'm not?), if I fill out section III on 4797 (as I've seen posts suggest) it is a loss, and 4797 section III seems only to be for gains.

and I'm pretty secure with filling out form 982 for the 1099-c.

1099-s is my big question! any help is appreciated - I could go to HR Block but I enjoy learning about this and also want to do it right!

thank you in advance!

Last edited by lptrex : 03-31-2012 at 08:43 PM. Reason: clarification

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