@amhansel1 wrote:
Sold my home in New Mexico and received the gross amount of the transaction. What firm do I need to the net amount which would be the purchase price and any repairs to show the actual gain?
To determine the gain or loss on the sale of a personal residence, never used as a rental or in a business, you can use Worksheet 2 in the IRS Publication 532, Selling Your Home starting on page 11 - https://www.irs.gov/pub/irs-pdf/p523.pdf#page=11
Simply the gain or loss is the Sales Price minus Sales Expenses minus the Adjusted Basis of the Home (Purchase price plus the cost of Improvements prior to the sale)
If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).
If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.
