If you sold your primary residence:
You do not need to enter the sale of your primary
residence if:
- You never used your primary
residence as a rental
- You have a loss on the sale
of your home (Personal use capital losses are not reported on your tax
return)
- You did not receive a Form
1099-S and
- You meet the home gain
exclusion
If this was your primary residence, you may be
eligible to exclude the gain under the home gain exclusion.
You can
take the gain exclusion as long as you considered the home your "primary
residence" for 2 of the last 5 years. If you have a capital gain from
the sale of your main home, you may qualify to exclude up to $250,000 of that
gain from your income. You may qualify to exclude up to $500,000 of that gain
if you file a joint return with your spouse.
If
you did not use the home as your primary residence for 2 of the last 5 years
and meet the home gain exclusion requirements, you may still be eligible
for partial exclusion if you can show the main reason you sold your home was
because of a change in workplace location, for health reasons, or because of an
unforeseeable event
See Sale of Your Home for more
information on the exclusion
