Do I have to claim the sell of my old primary residence house and buying my new house if I made less than $50,000? Do I even need to enter it into my taxes?

nat-jo-jo2012 · ‎February 1, 2023

MinhT1 · ‎February 1, 2023

If you have lived in the house you sold for more than 2 years in the last 5 years before you sell it, you are eligible for the capital gain exclusion of $250,000 ($500,000 if you file jointly).

If the capital gain is below this threshold, you do not have to report the sale on your tax return, except if you receive a form 1099-S in which case you have to report the sale but the capital gain will be excluded from taxation.

Please read this IRS document for more information.

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MinhT1 · ‎February 1, 2023

If you have lived in the house you sold for more than 2 years in the last 5 years before you sell it, you are eligible for the capital gain exclusion of $250,000 ($500,000 if you file jointly).

If the capital gain is below this threshold, you do not have to report the sale on your tax return, except if you receive a form 1099-S in which case you have to report the sale but the capital gain will be excluded from taxation.

Please read this IRS document for more information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Critter-3 · ‎February 1, 2023

It only needs to be reported if there was a 1099-S issued at closing ... look in the stack of papers you lugged home from the closing.

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Do I have to claim the sell of my old primary residence house and buying my new house if I made less than $50,000? Do I even need to enter it into my taxes?