in Education
You'll need to sign in or create an account to connect with an expert.
Yes, you would include the costs of improvements to your home's basis. But you may not need to enter the sale of your primary home at all.
You may qualify to exclude from income all or part of any gain from the sale of your primary residence if you meet ownership and use tests. This means for the 5-year period ending with the sale of the home, you lived in it as your main home and you owned it for 2 years.
If you meet both tests, you may exclude up to $250,000 ($500,000 on joint returns) of gain from your income, and you would not report it on your return.
Do not report the sale of your main home on your tax return unless:
See links below
Yes, you would include the costs of improvements to your home's basis. But you may not need to enter the sale of your primary home at all.
You may qualify to exclude from income all or part of any gain from the sale of your primary residence if you meet ownership and use tests. This means for the 5-year period ending with the sale of the home, you lived in it as your main home and you owned it for 2 years.
If you meet both tests, you may exclude up to $250,000 ($500,000 on joint returns) of gain from your income, and you would not report it on your return.
Do not report the sale of your main home on your tax return unless:
See links below
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
rwilsond
Level 3
in Education
eric-l-hill
New Member
OnTheOpenRoad
Returning Member
Duderino107
New Member
newfound
Level 2