topic Should if record the sale of my primary home if we did not have a profit greater that 500K?? in Deductions & credits

Should if record the sale of my primary home if we did not have a profit greater that 500K??

whittierwc — Tue, 09 Mar 2021 00:58:49 GMT

I am filing a joint return on our primary home that we both own. We made a profit of 277k, less than the 500k we should receive when filing as a joint form. Do we have to show the sale on the 1040SR?

Re: Should if record the sale of my primary home if we did not have a profit greater that 500K??

Critter-3 — Tue, 09 Mar 2021 01:02:01 GMT

Yes you do but ONLY IF a 1099-S form was issued for the sale ... ask the closing company if that form is in the large package you dragged out of the building.

Re: Should if record the sale of my primary home if we did not have a profit greater that 500K??

whittierwc — Thu, 11 Mar 2021 13:28:34 GMT

Thanks!