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T
tarshacha
Level 2
January 30, 2023
Question

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

  • January 30, 2023
  • 2 replies
  • 17 views
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2 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
January 30, 2023

SCHEDULE D IS WHERE SALES ARE REPORTED

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    sjrcpa
    sjrcpa
    Level 15
    January 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.
      R
      rcherenson
      Level 5
      January 31, 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
        sjrcpa
        Level 15
        January 31, 2023

        Good point. Totally slipped my mind.

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