Solved: I'm an individual, sold my house in 2016 for $247,751.42. Sale proceeds to me were $48,029.47. I did not receive a 1099 form for capital gains. Do I report sale?
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kailoki
New Member

I'm an individual, sold my house in 2016 for $247,751.42. Sale proceeds to me were $48,029.47. I did not receive a 1099 form for capital gains. Do I report sale?

 
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Coleen3
Intuit Alumni

I'm an individual, sold my house in 2016 for $247,751.42. Sale proceeds to me were $48,029.47. I did not receive a 1099 form for capital gains. Do I report sale?

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

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1 Reply
Coleen3
Intuit Alumni

I'm an individual, sold my house in 2016 for $247,751.42. Sale proceeds to me were $48,029.47. I did not receive a 1099 form for capital gains. Do I report sale?

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

View solution in original post

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