Home sale and taxes help...

Discussion in 'US Taxes' started by helpme, Feb 2, 2012.

  1. helpme


    Aug 25, 2011
    Likes Received:
    Here is my situation.
    In June of 2011, my mom bought a house with the intent of renting it out. she has 50% and I have 50% ownership. In December of 2011, the house was sold due to some issues. We made no money from the sale and lost money. (No proceeds were made during the 6 months we owned it) I have all the closing statement papers, for 1098 etc. but I have no idea how to file this on my tax return. I would like to use turbo tax, but don't want to screw this part up. Should I just find a CPA? Or is it not that difficult to file something like this. Other than this issue, my return should be fairly straightforward.
    helpme, Feb 2, 2012
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