Calling Tax Experts - 1099 Form on selling a house

[ChefGirl]

okay, the title company sent over some sellers' form for us to fill out. One of them is for 1099 reporting purpose. There are several questions regarding the sale of the home. One of them is as follows:

"I am married, the sale or exchange is of the entire residence for $500,000 or less, and the gain is $250,000 or less."

My questions is is the $500,000 the same as the sale price? I just want to make sure I answer these questions correctly. Besides, we are selling at a loss anyway. But the sale price is more then the $500,000 stated above, which makes me wonder if I should answer NO to this question.

Isn't there somewhere on the 1099 for 2009 return where we can input the sale price and the cost of the home to show a loss?

Thanks.

[kellij]

Yes, that would mean the sale price. Since it's more you should say no.

In general you don't get to take a deduction on a personal residence.

[ChefGirl]

Yes, that would mean the sale price. Since it's more you should say no.

In general you don't get to take a deduction on a personal residence.


I don't want to take a deduction, but rather show on the return that there was a loss instead of a gain so there is no need for us to pay any taxes on the transaction. Thanks again.