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Author: wrjohnston91283 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121148  
Subject: Forgot about home sale for taxes Date: 3/22/2014 1:18 PM
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I just efiled my 2013 taxes, and completely forgot about the fact that I sold my condo in 2013. I sold at a loss, so there is no change to my tax liability but I know I'm supposed to include it as a transaction.

What's my best course of action? File an amended return as soon as possible, or wait for the just filed original to be processed (once I receive my refund).

Thanks in advance,
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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 120540 of 121148
Subject: Re: Forgot about home sale for taxes Date: 3/22/2014 6:05 PM
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Was it ever rented?

Did you receive a 1099 for the sale?

Since you sold at a loss, it doesn't matter if it qualified for the homeowner exemption.

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 120556 of 121148
Subject: Re: Forgot about home sale for taxes Date: 3/23/2014 3:07 PM
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I just efiled my 2013 taxes, and completely forgot about the fact that I sold my condo in 2013. I sold at a loss, so there is no change to my tax liability but I know I'm supposed to include it as a transaction.

What's my best course of action?


If this was your personal residence which was never a rental or used in business or you got a 1099 for the sale you don't need to report it. If you do need to report it just file an amended return. No rush; it's already too late to change the amount of your refund.

Phil
Rule Your Retirement Home Fool

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Author: wrjohnston91283 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 120597 of 121148
Subject: Re: Forgot about home sale for taxes Date: 3/26/2014 6:46 PM
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It was a personal residence, never a rental or used for business. I did get a 1099 but filed it with my house documents, not my tax documents and forgot about it when preparing taxes.

I'll file an amendment.

Thanks

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