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trailblazers
trailblazers
Level 3
February 22, 2020

Schedule C and Loss of property

  • February 22, 2020
  • 1 reply
  • 11 views

On schedule what would be the best way to report loss of rental property outside of the client's resident state due to a lien by HOA?

    This topic has been closed for replies.

    1 reply

    P
    PhilG_CPA
    Level 4
    February 25, 2020

    Generally, a lien doesn't constitute a loss of the underlying property. The taxpayer still owns it, they just have to clear the lien before they can sell it. 

    I drive a minivan.
    trailblazers
    trailblazersAuthor
    Level 3
    February 25, 2020

    Yes. However, the client loses the property because he wasn't aware of the lien and hence, the court made HOA the winner and that's how he lost the property.

    T
    Terry53029Intuit Community Champion
    Intuit Community Champion
    March 4, 2020

    You treat it as a sale, and fill out the asset worksheet. See this link for more info.

    https://www.irs.gov/pub/irs-pdf/p544.pdf

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