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ed_duncan
New Member

Do i need to file federal and state (KY) tax return, if my only income was SSA, but sold a home in 2018, I had lived in over 2 yrs, sold no other home and netted $108K?

 
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CarolynM
Level 1

Do i need to file federal and state (KY) tax return, if my only income was SSA, but sold a home in 2018, I had lived in over 2 yrs, sold no other home and netted $108K?

Yes, you need to file a federal and state income tax return to report the sale of your home.

Even though you appear to qualify for the home sale exclusion from capital gains, you should still report the home sale on your tax return. The IRS will receive a copy of tax form 1099-S showing the profits from the sale and you need to complete the tax return to prove the cost basis and exclusion.

For more information, follow this link: Home Sale Exclusion

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CarolynM
Level 1

Do i need to file federal and state (KY) tax return, if my only income was SSA, but sold a home in 2018, I had lived in over 2 yrs, sold no other home and netted $108K?

Yes, you need to file a federal and state income tax return to report the sale of your home.

Even though you appear to qualify for the home sale exclusion from capital gains, you should still report the home sale on your tax return. The IRS will receive a copy of tax form 1099-S showing the profits from the sale and you need to complete the tax return to prove the cost basis and exclusion.

For more information, follow this link: Home Sale Exclusion

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