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do i report the sale of my condo

where would i report a sale of my condo if i had a profit
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2 Replies

do i report the sale of my condo

Was it your primary residence?

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

 

  • If you are using online TT, you need Premium software to report the 1099-S

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Hal_Al
Level 15

do i report the sale of my condo

Was it your primary residence?  Did you live there more than 2 years? Was the profit more than $250,000 ($500K married)?

 

IF so, you don't need to report it, unless you got a form 1099-S (usually with your closing papers).

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