topic What taxes do I need to pay if I sell my home in Deductions & credits

What taxes do I need to pay if I sell my home

jessehartboy — Fri, 25 Sep 2020 01:00:53 GMT

Re: What taxes do I need to pay if I sell my home

xmasbaby0 — Fri, 25 Sep 2020 01:21:35 GMT

That depends on how long you lived in it, for one thing, and on how much profit you make on the sale.

SALE OF HOUSE

If your gain was more than $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return. Whether you re-invested the gain in to another house is irrelevant. If you have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

If you are using online TT, you need Premier or Self-Employed software to report the 1099-S
.https://ttlc.intuit.com/questions/1901135-i-sold-my-home-at-a-loss-is-this-deductible

Re: What taxes do I need to pay if I sell my home

Anonymous — Fri, 25 Sep 2020 05:08:30 GMT

CORRECTION: on a joint return only one spouse has to own the home. Both must use it as their principal residence for 2 out of 5 years for the maximum exclusion of $500,000. the 2 years so not have to be consecutive. one other rule the exclusion can not have been used for another principal residence in the 2 years ending on the date of sale of the current residence. if there was a previous exclusion in this period by either spouse, the current exclusion will be limited.