TAX LIVES HERE WHEN TO MEXICO SOLD HIS HOUSE TO HIS SISTER FOR 10,000 WHAT FORM DO I USE

tarshacha · ‎01-30-2023

Just-Lisa-Now- · ‎01-30-2023

SCHEDULE D IS WHERE SALES ARE REPORTED

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

sjrcpa · ‎01-30-2023

And if he sold it for less than FMV he can't claim a loss, and he has made a gift to his sister.

The more I know the more I don’t know.

rcherenson · ‎01-30-2023

You can't claim a loss on a sale to a related party. A sister is a related party.

There is a box in the sale section that you need to choose for related party sales, which will turn any loss recorded to zero.

sjrcpa · ‎01-30-2023

Good point. Totally slipped my mind.

The more I know the more I don’t know.