Karen Lee Posted March 6, 2014 Report Share Posted March 6, 2014 Certainly hope this is an easy question. Karen Quote Link to comment Share on other sites More sharing options...
Karen Lee Posted March 7, 2014 Author Report Share Posted March 7, 2014 You must report the sale of your principal residence if you have a gain and do not qualify to exclude all of it, or you choose not to take the exclusion. When you complete your federal tax return, you must complete federal Schedule D (Form 1040), Capital Gains and Losses. A copy of your federal return, and all the supporting schedules must be attached to your California return. Generally, your California gain is the same as federal, so no adjustment is required on your California return. However, if your California basis in the home differs from your federal basis, complete California Schedule D, California Capital Gain or Loss Adjustment. Quote Link to comment Share on other sites More sharing options...
MsTabbyKats Posted March 7, 2014 Report Share Posted March 7, 2014 Dumb question....but if you have a loss it doesn't get entered on the return at all, correct? I know it's not deductible. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 7, 2014 Report Share Posted March 7, 2014 If you get a 1099-S you better report it. The 1099 is required to be issued if the sale price is over a certain amount (might be the amount of the exclusion). I always report the sales. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.