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Level 2
June 5, 2019
Solved

We sold our home, we lived in less than 2 years. We profited $25k, we put $10k of it on the new house Do we claim this on our taxes? If so will we receive tax documents?

  • June 5, 2019
  • 3 replies
  • 9 views
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Best answer by MinhT1

As you have lived in your home for less than 2 years, you are not eligible for the capital gain exclusion on the sale of your home. You'll have to report the sale (just as you would do for the sale of a second home) on your tax return if you have a capital gain, which is the case.

The $10k which you paid towards your new house is not reported on your tax return. You may or may not receive form 1099-S for the sale of your home but in any case, you have to report the sale of the home.

Please read this TurboTax FAQ on how to report the sale:

https://ttlc.intuit.com/replies/3300213


3 replies

MinhT1Answer
Level 15
June 5, 2019

As you have lived in your home for less than 2 years, you are not eligible for the capital gain exclusion on the sale of your home. You'll have to report the sale (just as you would do for the sale of a second home) on your tax return if you have a capital gain, which is the case.

The $10k which you paid towards your new house is not reported on your tax return. You may or may not receive form 1099-S for the sale of your home but in any case, you have to report the sale of the home.

Please read this TurboTax FAQ on how to report the sale:

https://ttlc.intuit.com/replies/3300213


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Level 2
June 5, 2019
Do you know who would send us the 1099-S?