I bought and sold property in the same year for the same price?

Question

I have a 1099 for the income gained on the sale, how can I offset this?

Answer 1

I agree with Batwanda.

1) the 1099 you received was for the proceeds of the sale, not the gain.

2) if you sold the house for the same price as you bought it for. if anything, you would have a loss due to buying expenses add to the basis of the property, and selling expenses of the property is an expense of the sale.

Answer 2

You have a 1099 for the sales PROCEEDS, not the income. It's offset by the cost basis. Report the sale on Schedule D. If the cost basis and the 1099 amount are the same, your gain is zero and there is no tax.

Answer 3

If you bought a property for 100 and sold for 100 what is reported on the 1099? most likey you "flipped it" or did a contract assignment. If you did it in your name and not a company name, then it is either ordinary income or it is short term cap gains. But if there was no income, then what is on the 1099? IF it is the sales price, then wouldnt the purchase price be what you off set it with?"

Answer 4

If you sold it for the same price you bought it for, you don't have income from the sale, and might have a loss if there were any expenses like commissions you paid on the sale or purchase.

Answer 5

Put it on your schedule D if you can. That makes it a capital gain/loss. It should net out for you.