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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:
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.
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:
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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