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Level 2
posted Feb 17, 2021 5:53:36 AM

Do I need to report proceeds of home sale on return?

We sold our home of 11 years that we lived in and then bought a smaller condo. I didn't get any forms in the mail saying anything about the proceeds we got from this sale. We made a "profit" from this sale so I just wanted to make sure if I somehow need to report this on my return?

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1 Best answer
Expert Alumni
Feb 17, 2021 6:04:37 AM

No - You don't have to report the sale of your home if you qualify for the home sale exclusion (unless the sale was reported on a form 1099-S).

 

According to IRS Pub. 523 - Selling Your Home:

 

Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met:

  • 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.
  • You didn’t acquire the home through a like-kind exchange (also known as a 1031 exchange), during the past 5 years.
  • 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.

Congratulations on your new home!

2 Replies
Expert Alumni
Feb 17, 2021 6:04:37 AM

No - You don't have to report the sale of your home if you qualify for the home sale exclusion (unless the sale was reported on a form 1099-S).

 

According to IRS Pub. 523 - Selling Your Home:

 

Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met:

  • 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.
  • You didn’t acquire the home through a like-kind exchange (also known as a 1031 exchange), during the past 5 years.
  • 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.

Congratulations on your new home!

Level 2
Feb 17, 2021 6:11:56 AM

Hi Irene thanks so much I really appreciate your help on this.