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Deductions & credits
Since this was a work related move you would be eligible for a partial exclusion on the gain from the sale.
Assuming you are married filing jointly and both of you lived in the home for the 18 months prior to the sale your exclusion is $500,000 * 18/24 = $375,000. Since your gain is under the maximum exclusion you do not have to report the sale on a tax return.
However, if you received a Form 1099-S for the sale then it has to be reported on your tax return. But there will not be any gain entered on the return so will not affect your AGI in any way.
‎December 27, 2023
9:05 AM
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