topic What documentation/forms are necessary when a home is sold? in Deductions & credits

topic What documentation/forms are necessary when a home is sold? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/what-documentation-forms-are-necessary-when-a-home-is-sold/01/624046#M81757 Thu, 06 Jun 2019 07:00:42 GMT landis38 2019-06-06T07:00:42Z What documentation/forms are necessary when a home is sold? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/what-documentation-forms-are-necessary-when-a-home-is-sold/01/624046#M81757 Thu, 06 Jun 2019 07:00:42 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/what-documentation-forms-are-necessary-when-a-home-is-sold/01/624046#M81757 landis38 2019-06-06T07:00:42Z It depends on the character of the ownership. Each one ha... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/it-depends-on-the-character-of-the-ownership-each-one-ha/01/624053#M81759 <P>It depends on the character of the ownership. Each one has it's own entry point.</P><P> <B>There are several possibilites:</B> </P><UL> <LI>You qualify for the exclusion</LI> <LI>You do not qualify for an exclusion</LI> <LI>It was a second home</LI> <LI>It was at one point a rental property</LI> </UL><UL> <LI> <P>If you meet the qualifications to use the exclusion, any gain over that amount is a capital gain. The exclusions are $250,000 for single, and $500,000 for married filing jointly. See the rules below.</P> <P><B>Does Your Home Sale Qualify for Maximum Exclusion</B></P> <P> Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.</P> <UL> <LI>You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.</LI> <LI>You didn’t acquire the home through a like-kind exchange (also known as a 1031 exchange), during the past 5 years.</LI> <LI>You didn’t claim any exclusion for the sale of a home that occurred during a 2-year period ending on the date of the sale of the home, the gain from which you now want to exclude.</LI> </UL> </LI> </UL> Thu, 06 Jun 2019 07:00:43 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/it-depends-on-the-character-of-the-ownership-each-one-ha/01/624053#M81759 Coleen3 2019-06-06T07:00:43Z