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andresantezana
New Member

I sold my house in 2016 and moved out of the country. Whats is the proper way to declare this sale? My gain was less than 10K. What documents do I need to have?

 
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MargaretL
Employee Tax Expert

I sold my house in 2016 and moved out of the country. Whats is the proper way to declare this sale? My gain was less than 10K. What documents do I need to have?

You may not have to report the sale... The sale of your home is reported only if you have taxable gain or received Form 1099-S. 

If you lived and owned your home for at least two years in the 5 year period on the date of sale - you don't have to report the on your tax return- if your gain is less than $250,000 if filing Single (and $500,000 for married filing jointly both spouses must live and own the home for 2 years).

If your gain is larger than the amounts above (or received 1099-S) you must report the sale:

  1. Wages and Income
  2. Select Less Common Income
  3. Select Sale of Home

Note: No documentation needs to be submitted when filing a tax return; keep it for your records, though, in case you are ever requested by the IRS to show it.

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MargaretL
Employee Tax Expert

I sold my house in 2016 and moved out of the country. Whats is the proper way to declare this sale? My gain was less than 10K. What documents do I need to have?

You may not have to report the sale... The sale of your home is reported only if you have taxable gain or received Form 1099-S. 

If you lived and owned your home for at least two years in the 5 year period on the date of sale - you don't have to report the on your tax return- if your gain is less than $250,000 if filing Single (and $500,000 for married filing jointly both spouses must live and own the home for 2 years).

If your gain is larger than the amounts above (or received 1099-S) you must report the sale:

  1. Wages and Income
  2. Select Less Common Income
  3. Select Sale of Home

Note: No documentation needs to be submitted when filing a tax return; keep it for your records, though, in case you are ever requested by the IRS to show it.

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