For the home sale purchased in 1994:
You may qualify to
exclude from income all or part of any gain from the sale of your primary
residence if you meet ownership and use tests. This means for
the 5-year period ending with the sale of the home, you lived in it as your
main home and you owned it for 2 years.
If you meet both
tests, you may exclude up to $250,000 ($500,000 on joint returns) of gain from
your income, and you would not report it on your return.
Do not report the sale
of your main home on your tax return unless:
- You have a gain and do not
qualify to exclude all of it,
- You have a gain and choose not
to exclude it, or
- You have a loss and
received a Form 1099-S.
Sale of main home
IRS pub 523
Gain on primary home sales since have changed significantly since 1983. Assuming you handled the gain on 1983 according to the rules at the time, there should be nothing to report now.
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